MANILA -- The House of Representatives on Wednesday ratified the bicameral conference committee reports on the rice tariffication bill and the coco levy trust fund bill.
The Lower House approved the reconciled version of House Bill 7735 and Senate Bill 1198, which seeks to replace the quantitative import restrictions on rice with tariffs and creating the rice competitive enhancement fund (RCEF).
Under the measure, a total of PHP10 billion shall be earmarked for the RCEF.
Fifty percent of the proposed fund would be allocated to the Philippine Center for Postharvest Development and Modernization (PhilMech) for rice farm equipment; 30 percent will go to the Philippine Rice Research Institute (PhilRice) for the development, propagation, and promotion of inbred rice seeds to rice farmers and organizations; 10 percent will be made available in the form of credit facility with minimal interest rates and with minimum collateral requirements to rice farmers and cooperatives, to be managed by the Land Bank of the Philippines and the Development Bank of the Philippines; and 10 percent will be used for extension services to teach rice farmers modern methods of farming, seed production, and farm mechanization.
The House also approved the bicameral version of House Bill 5745 and Senate Bill 1233, which seeks to establish the coconut farmers and industry development trust fund.
The bill was already ratified by both the House and Senate, but was recalled from the Office of the President to introduce amendments.
It was reported that two contentious provisions in the coco levy bill needed to be addressed by the Palace. First is the composition of the council that will manage the funds, and the second is the additional PHP10-billion allotment that would come from the General Appropriations Act (GAA).
Once both chambers of Congress ratify the bicameral committee reports, the proposal would be transmitted to Malacañang for President Rodrigo Duterte's signature. (PNA)
