State-run Land Bank of the Philippines expressed its full support for the passage of Republic Act No. 11954, amending the Rice Tariffication Law (RTL).
The amendment extends the Rice Competitiveness Enhancement Fund (RCEF) for another seven years, a move seen to accelerate modernization in the rice sector and enhance the resilience and productivity of Filipino rice farmers.
“LandBank fully supports the RCEF extension as we work together to empower Filipino rice farmers and enhance agricultural competitiveness. This milestone strengthens food security and sustainability, and the Bank is committed to actively supporting this initiative,” said LandBank president and chief executive Lynette Ortiz.
As a key implementer of RCEF in collaboration with the Department of Agriculture (DA), LandBank provides low-interest credit assistance with simplified processes to ensure accessibility for individual rice farmers and cooperatives in major rice-producing provinces.
Through the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF), LandBank has disbursed P2.89 billion in loans to support rice production and post-harvest activities from 2019 to 2024.
