Senate transmits rice tariffication bill to Duterte
Credit to Author: Tempo Desk| Date: Wed, 16 Jan 2019 09:34:15 +0000
DUTERTE (Jansen Romero)
The bill that would allow the unimpeded importation of rice into the country has been transmitted to President Duterte for signature.
The Senate on Tuesday sent to the Office of the President the harmonized version of Senate Bill 1998 and House Bill 7735, or the proposed rice tariffication law, which seeks to replace the quantitative import restrictions with tariffs and lift the quantitative restriction on rice exports.
The measure was ratified by both houses of Congress in November last year. It would lapse into law if Duterte fails to act on it after 30 days and he may either sign into law or veto the bill.
The bill seeks amend the Agricultural Tariffication Act of 1996. Aside from liberalizing rice imports, it would also create the Rice Competitiveness Enhancement Fund which is expected to protect the local rice industry from sudden or extreme price fluctuations.
The RCEF amount shall consist of an initial annual appropriation of R10 billion until all duties collected from the importation of rice can replace it.
Tariff revenues in excess of P10 billion shall be appropriated by Congress based on a menu of programs in the rice tariffication bill. The fund would be used to provide assistance to the country’s rice farmers such as the development
of inbred rice seeds for them, the development of rice farm equipment, and skills enhancement.
The government expects rice tariffication to help address soaring inflation. (Vanne Terrazola)