The House of Representatives led by Speaker Martin Romualdez on Tuesday night approved on third and final reading a bill amending the Rice Tariffication Law (RTL) to enable the government to provide the public with cheaper rice.
The proposed amendments were approved by a 231-3-1 vote.
The changes are designed to stabilize rice prices by reducing the influence of unregulated rice importation and curbing the ability of middlemen to inflate prices excessively.
Among others, the amendments restore the National Food Authority’s role to sell rice directly to public markets.
Under the current law, the NFA’s mandate is limited to ensuring buffer stocks for disasters.
“By adjusting the framework for rice importation and enhancing the role of the National Food Authority in the market, we can better protect our rice prices from the volatility caused by international markets and the predatory practices of some traders,” Romualdez earlier said.
“This will lead to more stable and predictable pricing for consumers while ensuring farmers receive a fair price for their produce,” he added.