WB hails PH’s rice tariff law
SENATOR Cynthia Villar was elated with the recognition given by the World Bank (WB) to the Rice Tariffication Law (RTL) or Republic Act (RA) No. 11203 as a “strategic policy reform.”
The WB lauded the RTL, passed into law in 2019, as “indicative of the true spirit of this strategic shift.”
Villar’s RTL was cited during the “Agriculture Public Expenditures Review” launch with a special focus on the implications of the Mandanas Ruling for the agri-food system.
The WB was represented in this high-level forum by its Operations Manager Achim Fock and the European Union (EU) by Head of Cooperation EU Delegation to the Philippines Christoph Wagner.
WB Senior Agriculture Economist Anuja Kar and WB Practice Manager Dina Umali-Deininger also attended the event and presented their findings on the review.
Philippine Institute for Development Studies (PIDS) Senior Research Fellow Dr. Roehlano M. Briones and Bangko Sentral ng Pilipinas (BSP) Monetary Board Member Dr. V. Bruce J. Tolentino gave their positive assessment of the RTL. They extolled that it creates a P10 billion yearly Rice Competitiveness Enhancement Fund (RCEF) from tariffs collected on imported rice.
The earnings are given to farmers listed in the Registry System of Basic Sectors (RSBSA) as assistance in the form of machineries, high-quality inbred rice seeds, training and loans.
The Agriculture Public Expenditures Review of WB aims to help the government evaluate the direction of spending policies under the government’s priority strategy and consider the best way forward in devolving agricultural services to LGUs.
The event recently held at the Bonifacio Global City was attended by stakeholders from the government, donor community, development partners and the academe.
