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PRESIDENT Ferdinand Marcos Jr. vowed Monday, May 6, 2024, to certify as urgent the proposed amendments to Republic Act 11203 , or the Rice Tariffication Law , in a bid to lower rice prices in the country.In an interview, Marcos raised the need for the government to influence or control rice prices , which can only be done when amendments to the Rice Tariffication Law are introduced, particularly in buying palay and selling rice to the public.
House Speaker Martin Romualdez has been pushing for the amendment, which will allow the National Food Authority to sell rice in the markets.He said it is seen to bring down rice prices by P10 to P15 or close to the P30 per kilogram mark.Envisioned to bring down rice prices, the RTL allows unlimited entry of imported rice in the country. It prohibits the NFA, however, from buying and selling rice and limits the agency’s mandate to managing buffer rice stocks.
Rice Tarrification Law Republic Act 11203 Rice Rice Prices
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