CITY OF ILAGAN, Isabela, Oct. 21 (PIA)--The Rice Competetiveness Enhancement Fund (RCEF) under Republic Act 11203 otherwise known as the Rice Tarification Law was launched in this province with Senator Cynthia Villar and agriculture secretary William Dar as guests.
The RCEF is mandated under the Rice Tarification Law with a total of P10 billion to be allotted annually and will be incorporated under the General Appropriations Act to be used in boosting the agricultural productivity in the country and help the lives of farmers.
The launching, which was attended by Isabela farmers and cooperatives, was held at the Astrodome of Roxas town on October 12, 2019.
Villar, who authored the Rice Tarification Law, said the annual taxes derived from importation of rice will be used for farm mechanization with a toal of P5 billion, rice seed development, propagation and promotion of P3 billion, expanded credit assistance of P1 billion and rice extension services of P1 billion.
As one component of the RCEF on provision of credit assistance, the Provincial Government of Isabela through the Nagkaisang Magsasaka in Isabela Agricultural Cooperative (NMIAC) President Ana Cristina Go and the Development Bank of the Philippines (DBP) President and Chief Executive Officer Emmanuel Herbosa have signed an agreement of availing a loan for the purchase of palay from farmers at higher price and providing a loan of P500 million to the said agricultural cooperative. (ALM/MGE - PIA-2/Isabela)