MANILA – The revenues collected from the Rice Tariffication Law (RTL) are not only funneled to Rice Competitiveness and Enhancement Fund (RCEF) but also other programs that will further boost the agriculture sector.
RTL, which took effect in March last year, mandates the allocation of PHP10 billion annually for RCEF.
Finance Assistant Secretary Antonio Joselito Lambino II, during the webinar on the RTL Thursday, said that within the first year of the said law’s implementation the government gained about PHP12.1 billion for the RCEF.
He said the excess from the PHP10 billion was allocated for the Crop Diversification Program and the Expanded Crop Insurance Program.
In the first half of 2020, Lambino said tariff collections from the RTL has exceeded PHP10 billion.
He said customs enforcement has been strengthened to ensure that revenues from RTL are properly collected to boost the rice farming sector.
He said the audit on 60 rice importers found to have the largest number of violations from March to June 2019 showed that these importers need to pay about PHP1.4 billion in customs duties, surcharges, penalties, and interest.
“Rest assured that we will continue to enhance our efforts to ensure that we protect the tariff revenues that directly benefit our rice farmers,” he said, noting that the DOF will continue to ensure the government’s fiscal space to increase investments in agriculture.
Lambino said the government continues to prioritize agriculture as proven by the PHP8.5-billion allocation under the Bayanihan 1 for the Rice Resiliency Project.
He said the funds were allotted for the acquisition of hybrid and inbred rice seeds and fertilizers.
About PHP24 billion was also allocated under the Bayanihan 2 for productivity enhancement, income enhancement, social protection, and subsidies for farmers, he added. (PNA)
