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Excess RCEF collections to be used to assist farmers: Marcos Jr

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Excess collections in the Rice Competitiveness Enhancement Fund (RCEF) must be used to assist farmers, President Ferdinand Marcos, Jr. has said.

Malacañang said the President — concurrently the country's agriculture chief — ordered the Department of Agriculture to do so once excess collection exceed the P10 billion requirement under the Rice Tariffication Law.

Under the Rice Tariffication Law, Malacañang said the revenues collected from rice tariffs "should pay for the yearly requirement of P10 billion for the RCEF to bankroll programs and projects raising the competitiveness and output of palay farmers." Press Secretary Cheloy Garafil said funds for this also intend to help small rice farmers affected by the lifting of the rice price caps.

 

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