The new law also extends the implementation of the Rice Fund up to 2031 and triples its annual allocation to P30 billion
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“In cases of sudden rice shortages or price hikes, the DA will now be empowered to take the necessary actions to stabilize the market. This will help ensure that the price of rice remains affordable and accessible to every Filipino,” Marcos said on Monday during the ceremonial signing of Republic Act 12708 at Malacañang.
A total of P5 billion from any source of unutilized fund in the DA will be used to buy rice during food security emergencies. Excess tariffs from imported rice not exceeding P2 billion will also be allocated to this buffer fund. With these new responsibilities, the DA will have “stricter oversight of the rice industry,” the President said. The Bureau of Plant Industry “will also be able to inspect rice warehouses and manage a national database to track grain storage, safeguarding our food supply and ensuring its safety for the public.”
“This will enable us to do much more for our farmers, ensuring that they have the resources that they need to succeed and to make the rice industry even more competitive,” said Marcos. Out of the P30 billion annual allocation, P6 billion will go towards distribution of high-quality rice seeds, while P9 billion will go to the farm mechanization program.
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