Farmers from Guimba town in Nueva Ecija province harvest palay to ensure food security amidst the CoVid19 pandemic but the average palay prices this season plunges to 13 pesos a kilo due to the effects of the Rice Tariffication Law. 鈥� CONTRIBUTED PHOTO
MANILA, Philippines 鈥� The Senate on Monday approved on third and final reading a bill authorizing the use of excess annual tariff revenues collected under the Rice Tariffication Law as direct cash assistance to farmers.
Voting 19-0, the senators approved Senate Bill 1927 or the proposed Cash Assistance for Filipino Farmers Act of 2020.
Under the measure, the Department of Agriculture (DA) is authorized to use the revenues exceeding the annual P10-billion Rice Competitiveness Enhancement Fund (RCEF) under the rice tariff law.
If passed into law, the DA will be allowed to use these excess funds as financial aid to farmers owning one hectare or less of rice land until 2024.