President Ferdinand R. Marcos Jr. has signed a new law aimed at enhancing the rice industry and ensuring stable food supplies while reducing rice prices. The signing took place in Malacañang, where Marcos emphasized the importance of the new legislation, Republic Act 12078, also known as the Agricultural Tariffication Act.
This act extends the Rice Competitiveness Enhancement Fund (RCEF) until 2031 and increases its annual budget from PHP10 billion to PHP30 billion. Marcos stated that this increase would provide significant support to farmers, enabling them to access the necessary resources to improve their competitiveness in the rice market.
The additional funds will be used for various initiatives, including training and extension services, financial assistance for small-scale rice farmers, expanded credit facilities, composting facilities, pest and disease management, soil health programs, contract farming support, and the installation of solar-powered irrigation systems. The law also aims to enhance the Seed Program and the Mechanization Program, making high-quality seeds more accessible to farmers to increase their yields.
Marcos highlighted that the new law would strengthen the regulatory oversight of the Department of Agriculture (DA), ensuring that rice available in the market meets quality standards and regulations. In times of sudden shortages or price spikes, the DA will have the authority to take action to stabilize the market, keeping rice affordable and accessible to all Filipinos.
The Bureau of Plant Industry will also gain the ability to inspect rice warehouses and maintain a national database to monitor grain storage, ensuring the safety and security of the food supply.
Speaker Martin Romualdez praised the new law as a significant step towards addressing inflation, particularly in rice prices, which is a staple food for many Filipino families. He emphasized that the law reflects President Marcos’ commitment to the welfare of ordinary Filipinos and his vision for a ‘New Philippines’ that prioritizes agriculture and supports key sectors.
Senator Cynthia Villar described the signing of RA 12078 as an early Christmas gift for rice farmers and cooperatives, noting that it extends the life of the Rice Tariffication Law and expands the benefits provided by the RCEF.