According to a report by Inquirer.net, farmers are “worse off” based on a study by government think tank Philippine Institute for Development Studies (PIDS). Based on the analysis released by PIDS, local rice producers are projected to lose an average of P10 billion a year under the Rice Tariffication Law. The Rice Tariffication Law was enacted in February 2019 and liberalized the importation, exportation, and trading of rice.
According to the Inquirer.net article, palay prices hit its lowest in eight years at P15.96 per kilo. The Department of Agriculture (DA) held its year-end press conference last week and announced the implementation of P10-billion Rice Competitiveness Enhancement Fund. The DA also instituted conditional cash transfers and loan programs, according to the report.