RCEF extended to 2031 in amended law

President Marcos yesterday signed into law a measure that grants him and the Department of Agriculture (DA) powers to stabilize rice prices and regulate importation to address price and supply shocks as well as extends the implementation of the Rice Competitiveness Enhancement Fund (RCEF) until 2031 to boost farmers' productivity.

- Alexis Romero, Bella Cariaso, Cecille Suerte Felipe, Jasper Emmanuel Arcalas

Under Republic Act 12078, also known as the Agricultural Tariffication Act, the President may allow the importation of rice at a lower tariff rate for a limited period or a specified volume in the event of any imminent or forecast shortage "or any other situation requiring government intervention." Such an order shall take effect immediately and can only be issued when Congress is not in session.

The President may also suspend or prohibit further importation for a limited period or a specified volume when there is an excessive supply of imported or locally produced rice that results in an extraordinary decrease in local prices.