A TOTAL of P455.59 million funds had been released by the Department of Budget and Management (DBM) on Tuesday for the Rice Competitiveness Enhancement Program (RCEP).
In a statement, the Agriculture department , the funds were disbursed to the agency and three other government-owned and controlled corporations to cover the fund’s operating requirements for the first quarter of 2024.
Other agencies set to receive allocations include the Land Bank of the Philippines, earmarked for P133,648,000; the Development Bank of the Philippines, allocated P120,000,000; and the Philippine Rice Research Institute, which is set to receive P178,141,000.
According to the DBM, the RCEF aims to “enhance the productivity and competitiveness of local rice farmers.” It is designed to assist them in boosting their income through the “provision of farm machinery and equipment, rice seed development, propagation, and promotion,” along with “expanded rice credit assistance and rice extension services.”
The establishment of the fund was mandated by Republic Act No. 11203, also known as the Rice Tarrification Law, which specifies that the RCEF will comprise an annual allocation of P10 billion for the following six years.
metrosundaily
