Agriculture Secretary Francisco Tiu Laurel Jr. welcomed the amended Rice Tariffication Law (RTL), effective Dec. 25, 2024, as a timely Christmas gift for millions of Filipino rice farmers and their families.
“We welcome these changes under Republic Act 12078, which enable the Department of Agriculture to allocate more resources to modernize the rice industry and significantly improve the lives of millions of Filipino farmers,” Tiu Laurel said.
One of the major amendments is the tripling of the Rice Competitiveness Enhancement Fund (RCEF) to P30 billion to fund rice farming modernization and mechanization efforts.
The fund’s duration was also extended by six years or until 2031, providing an additional P180 billion to advance technological innovation and improve farming efficiency and output.
The increased fund is expected to boost farmers’ incomes and make rice, the country’s staple, more affordable to consumers.
Another key revision reduces the period for rice held as reserve by the National Food Authority (NFA) from three months to two.
He said this is expected to improve the availability of high-quality rice for the government’s P29-per-kilo rice program while enhancing NFA’s financial stability by limiting its need for borrowings to fund operations.
The revised RTL also empowers the Agriculture Secretary to declare a national food security emergency in cases of supply shortages or price surges.
Under the measure, the NFA can release buffer stocks and import rice on an emergency basis to stabilize prices and prevent market manipulation.
NFA administrator Larry Lacson said shortening the reserve period would increase the rice supply for the P29-per-kilo program, providing consumers with better-quality, affordable rice.
