MANILA, Philippines — Rice farmers will obtain over P34 billion in assist underneath the federal government’s rice competitiveness enhancement fund (RCEF) this yr as tariff collections final yr surged to a document excessive.
Division of Agriculture Assistant Secretary Arnel de Mesa mentioned the Bureau of Customs (BOC) has licensed P34.23 billion in rice tariff collections final yr, about 14 p.c greater than the P29.93 billion collected in 2023.
Beneath current legal guidelines, the BOC should certify the entire rice tariff collections within the previous calendar yr, which is able to type a part of the RCEF, an earmarked fund geared toward creating the home rice business’s competitiveness.
With the modification of the rice tariffication regulation (RTL), P15 billion of the entire rice tariffs collected final yr will likely be used to finance the distribution of inbred seeds (P6 billion) and bankroll the farm mechanization program (P9 billion).
The opposite P15 billion can be utilized by the DA to bankroll different packages listed underneath Republic Act (RA) 12078.
The menu of things eligible for financing consists of extension companies, monetary help and credit score help. The collections may fund the development of composting amenities, pest and illness administration, solar-powered irrigation, soil well being enchancment and contract farming program.
The remaining P4.23 billion will likely be thought of as extra collections and should be earmarked based on the allocations stipulated underneath RA 12078. Because of this 30 p.c of the surplus collections will go to mechanization, 20 p.c to seeds and 50 p.c to different eligible packages.
That is the primary time that the brand new and expanded RCEF will likely be carried out by the federal government after the RTL was amended final yr. The modification concerned increasing the menu of tasks underneath RCEF and lengthening its implementation till 2031.
Beneath the amended RTL, the beneficiaries of RCEF contain each farmers and farmworkers which might be listed within the Registry System for Fundamental Sectors in Agriculture in addition to cooperatives and associations accredited by the DA.
The rise in rice tariff collections final yr was pushed by the upper quantity of imports, a weaker peso and higher cargo valuation by the customs bureau regardless of the decreasing of the tariff price to fifteen p.c in July 2024.
Rice import quantity final yr reached 4.74 million metric tons, a few third greater than the three.561 million MT quantity recorded in 2023, primarily based on BOC figures.
The common rice import valuation on a metric ton foundation, in the meantime, rose by 18 p.c year-on-year to $511.83 from $433.49 in 2023, BOC information confirmed.
Increased tariff collections enhance fund for rice farmers to P34 billion
Jasper
MANILA, Philippines — Rice farmers will obtain over P34 billion in assist underneath the federal government’s rice competitiveness enhancement fund (RCEF) this yr as tariff collections final yr surged to a document excessive.
Division of Agriculture Assistant Secretary Arnel de Mesa mentioned the Bureau of Customs (BOC) has licensed P34.23 billion in rice tariff collections final yr, about 14 p.c greater than the P29.93 billion collected in 2023.
Beneath current legal guidelines, the BOC should certify the entire rice tariff collections within the previous calendar yr, which is able to type a part of the RCEF, an earmarked fund geared toward creating the home rice business’s competitiveness.
With the modification of the rice tariffication regulation (RTL), P15 billion of the entire rice tariffs collected final yr will likely be used to finance the distribution of inbred seeds (P6 billion) and bankroll the farm mechanization program (P9 billion).
The opposite P15 billion can be utilized by the DA to bankroll different packages listed underneath Republic Act (RA) 12078.
The menu of things eligible for financing consists of extension companies, monetary help and credit score help. The collections may fund the development of composting amenities, pest and illness administration, solar-powered irrigation, soil well being enchancment and contract farming program.
The remaining P4.23 billion will likely be thought of as extra collections and should be earmarked based on the allocations stipulated underneath RA 12078. Because of this 30 p.c of the surplus collections will go to mechanization, 20 p.c to seeds and 50 p.c to different eligible packages.
That is the primary time that the brand new and expanded RCEF will likely be carried out by the federal government after the RTL was amended final yr. The modification concerned increasing the menu of tasks underneath RCEF and lengthening its implementation till 2031.
Beneath the amended RTL, the beneficiaries of RCEF contain each farmers and farmworkers which might be listed within the Registry System for Fundamental Sectors in Agriculture in addition to cooperatives and associations accredited by the DA.
The rise in rice tariff collections final yr was pushed by the upper quantity of imports, a weaker peso and higher cargo valuation by the customs bureau regardless of the decreasing of the tariff price to fifteen p.c in July 2024.
Rice import quantity final yr reached 4.74 million metric tons, a few third greater than the three.561 million MT quantity recorded in 2023, primarily based on BOC figures.
The common rice import valuation on a metric ton foundation, in the meantime, rose by 18 p.c year-on-year to $511.83 from $433.49 in 2023, BOC information confirmed.