Senator Cynthia Villar, Chairperson of the Committee on Agriculture, Food and Agricultural Reform, led the review of the Rice Competitiveness Enhancement Fund (RCEF) in a public hearing today, May 14.
This is pursuant to Section 13 of the Rice Tariffication Law (RTL), specifically on the mandatory review of the Congressional Oversight Committee on Agricultural and Fisheries Modernization (COCAFM), to decide whether the rice fund shall be continued, amended or terminated.
During the hearing, Villar explained the RTL liberalized the importation of rice and introduced tariffs to protect local rice farmers.
She said the 35 percent tariffs collected from the rice imports go to the RCEF, which has an annual budget of P10 billion. Of the total budget, PHP5 billion is allotted for the free distribution of farm machinery and equipment; PHP3 billion for the free distribution of high quality inbred certified seeds; and PHP1 billion each for credit support and training of farmers and extension.
Villar said the committee will review the accomplishment of the agencies under the RTL.
