DTI: Rice Tariffication Law will ease undersupply, help farmers through P10-B fund

Department of Trade and Industry (DTI) Secretary Ramon Lopez on Sunday said the newly signed Rice Tariffication Law will ease the undersupply in rice and will also help farmers through the P10-B fund.

The law, signed by President Rodrigo Duterte on Friday, allows the unlimited importation of rice by the private sector as long as they pay a 35-percent tariff for shipments.

"'Yun ang sistema dito ngayon, kahit sino puwedeng mag-import at kailangang magbayad ng taripa na 35 percent,” Lopez said in an interview on Super Radyo dzBB.

LIVE sa DZBB: DTI Secretary Ramon Lopez kaugnay sa pagtataas ng presyo ng ilang bilihin at ang epekto ng rice tariffication law sa mga pamilihan. https://t.co/z3DZeChnPa

— DZBB Super Radyo (@dzbb) February 16, 2019

“Para naman 'yung proceeds nito na maaaring umabot ng P10 billion ay 'yun naman ang ipapamagahi sa (local) rice farmers,” Lopez added.

According to Lopez, the P10-billion Rice Competitiveness Enhancement Fund will be allotted for farmers’ seeds, water irrigation, mechanization and more.

“Para bumaba din ang cost nila at makakalaban din naman sila sa importation. Para dadami ang supply,” Lopez said.

The DTI secretary pointed out that not only local farmers and importers will benefit from this law but also the rest of more than 100 million Filipinos who will be able to have access to affordable rice. —Joviland Rita/KG, GMA News