House ratifies amendments raising RCEF to P30B

The House of Representatives ratified on Wednesday the bicameral conference committee report proposing amendments to the Rice Tariffification Law, which would raise the yearly allocation of the Rice Competitiveness Enhancement Fund (RCEF) from P10 billion to P30 billion until 2031.

The proposed amendments also require the National Food Authority (NFA) to maintain a rice reserve equivalent to at least 15 days' demand and allow the Department of Agriculture (DA) to sell NFA rice reserves during shortages or high prices to address food security emergencies.

Additionally, the bill proposes increasing the annual appropriation for RCEF to support rice farm machineries and equipment, seed development programs, and emergency food security initiatives due to supply shortages or price hikes.

The measure would also give the DA authority to designate importing entities during times of extraordinarily high prices, requiring them to ship rice at least cost following government-to-government supply agreements.

The bill will now be transmitted to the Office of the President for his consideration and signature.