MANILA, Philippines — Sen. Cynthia Villar has expressed elation at the recognition given by the World Bank (WB) to the Rice Tariffication Law (RTL) or Republic Act 11203 as a “strategic policy reform.”
The WB lauded the RTL, passed into law in 2019, as “indicative of the true spirit of this strategic shift.”
The WB issued the citation during the launch of the Agriculture Public Expenditures Review with special focus on the implications of the Mandanas Ruling on the agri-food system.
Representing the World Bank at the forum was operations manager Achim Fock. The European Union (EU) was represented by head of cooperation EU Delegation to the Philippines Christoph Wagner. The forum was held at the Bonifacio Global City.
WB Senior Agriculture Economist Anuja Kar and WB Practice Manager Dina Umali-Deininger also attended the event and presented their findings on the review.
Philippine Institute for Development Studies senior research fellow Roehlano Briones and Bangko Sentral ng Pilipinas Monetary Board Member Dr. V. Bruce J. Tolentino gave their positive assessment of the RTL.
They said RTL creates P10-billion Rice Competitiveness Enhancement Fund yearly from tariffs on imported rice.
The earnings are given to farmers listed in the Registry System of Basic Sectors as assistance in the form of machineries, high quality inbred rice seeds, training and loans.
The Agriculture Public Expenditures Review of the World Bank aims to help the government evaluate the direction of spending policies under its priority strategy.
