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Republic Act No. 120278 or the Amendments to Agricultural Tariffication Act empowers the President to authorize rice imports at a lower applied tariff rate during any imminent or forecasted shortage or any situation requiring government intervention. Section 9 of the new law, stating the Power of the President, indicated that in cases of extraordinary drops in local rice prices, the President may suspend rice imports for a limited time and/or volume until the rice supply and prices stabilize.
Further, a rise in the annual allocation to the RCEF will be instituted, from the current P10 billion to P30 billion until 2031. Marcos said that through the RCEF, the country was able to invest in high-quality seeds, mechanization, and training of local farmers, a move that will guarantee that they are equipped with the right skills and tools to increase productivity.
Imports Rice Tariffication Act Law
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