THE decision to set aside the move to import 300,000 metric tons of rice from Vietnam under a government-to-government scheme will save some P8.5 billion that can now be used for more urgent needs of the nation.
THE decision to set aside the move to import 300,000 metric tons of rice from Vietnam under a government-to-government scheme will save some P8.5 billion that can now be used for more urgent needs of the nation.
The Philippines had planned to buy the 300,000 tons of rice as a reserve in case the country incurs a shortage of the Filipino people’s staple food. It did not want to go through the difficult experience of 2018 when market prices hit record heights an inflation rate of 6.7 percent that was stopped only when Congress enacted the Rice Tariffication Law that ended all quantitative restrictions on rice imports. With cheap rice available at a low price, inflation quickly dropped in succeeding months; by June, 2019, it was down to 2.7 percent.
With the decision to cancel this years planned importation, Secretary of Agriculture William Dar said the government will have P8.5 billion that can be used instead to support the Rice Competitiveness Enhancement Fund (RCEF) under the Rice Tariffication Law. The RCEF calls for a mechanization program to help farmers acquire production and harvest machinery and equipment, promote the development and use of certified seed varieties, expanded credit assistance, and enhanced extension services.
See full article at Tempo
