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Writer: DA Communications Group | 6 April 2022
Finance Secretary Carlos Dominguez highlighted the optimistic impression of the gamechanging Rice Tariffication Regulation (RTL) on the agriculture sector in the course of the Philippine Financial Briefing held on April 5, 2022 on the Philippine Worldwide Conference Middle.
“The RTL was lastly achieved after greater than 30 years of failed makes an attempt underneath earlier administrations. The regulation opened up the Philippine rice market and in flip, lowered the worth of the nation’s staple meals for greater than 100 million Filipinos,” Secretary Dominguez stated.
The finance chief and Financial Improvement Cluster (EDC) head added that RTL is a landmark regulation that reforms the nation’s earlier dysfunctional rice coverage.
“Rice is now not the principle contributor to our total inflation fee. The RTL ensures that farmers profit instantly by offering a minimum of P10 billion annually for mechanization, high-quality seeds, entry to credit score, and coaching,” he stated.
The worth of standard milled rice declined from P42.3/kg in 2018 to P38.6/kg in 2019, whereas that of well-milled rice fell from P44.6/kg in 2018 to P42.6/kg in 2019. Shoppers additionally now have a greater diversity of rice decisions.
By the RTL, the federal government additionally earned a complete of P46.6 billion in rice import tariffs within the first three years of its implementation.
“These revenues help the reform and modernization of our agriculture sector. This can be a full reversal of the P11-billion annual common tax subsidies the federal government offered to NFA yearly from 2005 to 2018. The RTL is simply one of many progressive efforts undertaken by the Division of Agriculture (DA) led by Secretary William Dar, who’s right here, to construct productiveness and improve the resiliency of our agriculture sector,” Secretary Dominguez talked about.
With the theme, “Six Years of Institutionalizing Recreation-Altering Reforms and Shaping the New Financial system: The Philippine Financial Report,” the briefing highlighted the nation’s gamechangers together with the Philippine Identification System, Tax Reform for Acceleration and Inclusion, RTL, Ease of Doing Enterprise, and the “Construct, Construct, Construct” Program, amongst others.
In keeping with the Construct, Construct, Construct, Secretary Dar stated that it has been an enormous assist to the nation’s agriculture and fisheries sector.
“The quite a few tasks of the infrastructure businesses, together with farm-to-market roads (FMRs) have complemented the packages of the DA in boosting meals manufacturing within the nation,” he stated.
As of December 2021, 484 seaports and a pair of,523 kilometers of FMRs had been accomplished.
Secretary Dar additionally pressured that regardless of the pandemic, the nation didn’t expertise meals scarcity.
“We had been in a position to obtain 92% rice self-sufficiency prior to now yr. We posted a document yield of 19.96 million metric tons of palay in 2021,” the agri chief said.
In line with Secretary Dominguez, many reform measures that languished for many years on the cabinets of Congress had been lastly enacted into regulation and regardless of the pandemic, the hard-won reforms bolstered the nation’s skill to get well and rebuild.
“Beneath President Duterte’s time period, the Philippines made the decisive shift from an inward-looking financial system to at least one able to compete with the remainder of the world,” he stated. ### (Gumamela Celes Bejarin, DA-AFID)
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