Rice prices

May 22, 2024 People's Tonight 129 views

THE House of Representatives has passed on third and final reading a proposed legislation that reflects concern over the the rising prices of rice in the local market.

House Bill (HB) No.10381 seeks to amend Republic Act (RA) No. 11203, otherwise known as the Rice Tariffication Law (RTL), to bring down the rice of the grain.

Among other things, the bill seeks to restore the functions of the National Food Authority (NFA) in stabilizing rice prices and extend the rice industry fund for another six years.

Under the proposed legislation, the NFA is mandated to register and inspect grains warehouses to ensure compliance with standards related to rice quality and supply.

HB No. 10381 also empowers the NFA to regulate foreign investment in the rice and corn industry and maintain sufficient buffer stock in the country.

Likewise, the proposed law extends by another six years the Rice Competitiveness Enhancement Fund (RCEF) and raises the allocation from P10 billion to P15 billion.

As rice-eating Filipinos, we cannot overemphasize the importance of speeding up the passage of HB No. 10381.

“Halos lahat ng ating mga kababayan, kasama na ang mga bata at matatanda, ay bigas ang kinakain maghapon,” an elderly farmer added.

That’s why we doff our hat to the House of Representatives for passing on third and final reading HB No. 10381.