DBP & Landbank Distribute ₱8.2B Cash Aid to Palay Farmers

Based on data from the Department of Agriculture (DA), over one million small palay farmers received the ₱5,000 cash aid disbursed by the Development of the Philippines (DBP) and the Landbank of the Philippines (Landbank). 

Over ₱8.2 billion was distributed to the farmers who qualified for the years 2019 to 2021. 

The cash aid is part of the DA’s Rice Farmers Financial Assistance Program (RFFA) which is found under the Republic Act 11203 or the Rice Tariffication Law (RTL). 

In order to receive the cash aid, beneficiaries must be registered in the Registry System for the Basic Sectors in Agriculture (RSBSA). 

According to the law of RA 11203, rice tariffs exceeding ₱10 billion will be allocated for financial assistance to farmers tilling 2 hectares or under until the year 2024.  

Department of Finance Secretary Carlos Dominguez III stated that “the Rice Tariffication Law has achieved its dual goal of bringing down retail rice prices while helping farmers improve productivity through the Rice Competitiveness Enhancement Fund,”. 

RA 11203 was implemented last 2019 and that same year, the Bureau of Customs (BOC) collected a surplus of rice tariff collection of an estimated ₱2.135 billion. 

For the year 2020, the excess amount climbed to ₱5.5 billion. For the year 2021, the amount rose to ₱8.9 billion. 

From the period of March 2019 to March 2021, the BOC was able to gather over ₱46.6 billion in rice import duties alone. 

The DA’s figures estimate that around 8.7 million bags of certified inbred rice seeds were given to more than one million rice farmers since the law on rice tariffs was implemented. These certified inbred rice seeds are documented to produce more than the home-saved conventional seeds. 

Source: Philippine News Agency