FILE PHOTO: President Ferdinand Marcos Jr., September 12, 2024. 鈥� President Ferdinand Marcos Jr. extended the life of the Rice Competitiveness Enhancement Fund (RCEF) and introduced the Value-Added Tax (VAT) refund scheme for non-residents, enacting the new laws in a ceremony at the Malaca帽an Palace on Monday, December 9, 2024. Photo from PCO
MANILA, Philippines 鈥� President Ferdinand Marcos Jr. extended the life of the Rice Competitiveness Enhancement Fund (RCEF) and introduced the Value-Added Tax (VAT) refund scheme for non-residents.
In a ceremony at the Malaca帽an Palace on Monday, Marcos enacted Republic Act No. 12078, or the amendment to the Agricultural Tariffication Act, to extend the RCEF for six years and increase its annual allocated budget from P10 billion to P30 billion.
The president also signed Republic Act No. 12079, or the 鈥淰AT Refund for Non-Resident Tourists,鈥� which allows foreign visitors of the country to claim rebates for purchases exceeding P3,000 from accredited stores.
鈥淭he act amending the Agricultural Tariffication Act and the VAT Refund for Non-Resident Tourists Act are designed to unlock the full potential of our agricultural and tourism sectors,鈥� Marcos said in his speech during the event.
READ: Bill seeks to extend life of rice tariff funds
The amendment to the Agricultural Tariffication Act also seeks to strengthen the Philippine rice industry by enhancing the Department of Agriculture鈥檚 regulatory functions and price stabilization powers, according to Malaca帽ang. The new law likewise supports initiatives such as seed development, modern farming equipment, low-interest credit, farmer training, composting facilities, pest management, solar irrigation systems, and soil health improvement, it added.
READ:
On the other hand, the VAT Refund for Non-Resident Tourists Act is projected to increase tourism spending by 29.8 percent, which benefits micro, small, and medium enterprises.
The VAT Refund for Non-Resident Tourists Act also requires the Department of Finance, in consultation with other concerned agencies, to draft the new law鈥檚 implementing rules and regulations within 90 days.