(Eagle News) – The Implementing Rules and Regulations (IRR) for the Rice Tariffication Act had already been signed by the National Economic and Development Authority (NEDA) and the Department of Budget and Management (DBM), Malacanang said on Tuesday, April 2.
Presidential Spokesperson Salvador Panelo said that this was also discussed during the Cabinet meeting on Monday, April 1, convened by President Rodrigo Duterte.
“The IRR is already signed by the NEDA and the DBM while it is still pending with the legal department of the Department of Agriculture (DA),” Panelo said.
“The IRR is expected to formulate a rice industry roadmap for the development of this sector,” he added.
President Duterte signed the Rice Tariffication Act or Republic Act 11203 last February 15.
With this, the quantitative restrictions (QR) on rice imports are lifted, allowing for more rice importations with imposed tariffs — 35 percent for rice imports coming from the Association of Southeast Asian Nations (ASEAN); and 50 percent for non-ASEAN member states
The law also called for the creation of the P10-billion annual Rice Competitiveness Enhancement Fund (RCEF).
The P10 billion annual fund is allocated for the improvement of the situation of Philippine rice farmers for the next six years.
At least 50 percent will be used for rice farm machineries and other equipment; 30 percent for the development, propagation and promotion of rice seeds; 10 percent for expanded rice credit assistance; and another 10 percent for services on rice extension.
The rice tariffication law is seen to lower the price of rice being sold in the local markets.
