Rice Tariffication Bill or Senate Bill 1998

By | October 7, 2018

 

rice tariffication bill

Rice Tariffication Bill or Senate Bill 1998 | Image Credit | DOF

 

 

Did you know that Senate Bill 1998 or the Rice Tariffication Bill is aimed at
reducing the importation of rice in our country that will help lower its price by
PHP 2 to Php 7 per kilo?

 

Senate Bill 1998 under committee report 440 sponsored by Senator Cynthia Villar
in the Senate has the purpose of loosing and replacing the tariffs on the current
quantitative restriction system of importing rice in the Philippines.

 

Senate Bill 1998 once passed is expected to lower by Php 2 up to Php 7 per kilo
of rice. It is expected to lower the inflation rate by 0.4 percentage points.

 

A rice competitiveness enhancement fund or rice fund will be created amounting to
Php 10 billion to come from the national budget until such time that the collection
from tariffs is sufficient.

 

The rice fund will be allocated to assisting Filipino farmers.The fund will be used
for the multiplication of seeds to be used for planting rice, teaching new farming
techniques and seed production, financial assistance, and distribution of equipment
and farming machinery to farmers who are legitimate members of a duly registered
cooperatives.

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