RMC No. 12-2022: Circularizes RA No. 11598, titled “An Act Authorizing the Department of Agriculture to Provide for Direct Cash Assistance to Farmers who are Tilling Two (2) Hectares and Below of Rice Land Until 2024, and Use for the Purpose the Annual Tariff Revenues in Excess of Ten Billion Pesos (P10B) of the Rice Competitiveness Enhancement Fund Created Under Republic Act No. 11203, entitled “An Act Liberalizing the Importation, Exportation and Trading of Rice, Lifting for the Purpose the Quantitative Import Restriction on Rice, and for Other Purposes””

Summary

RMC No. 12-2022 circularizes RA No. 11598, which authorizes the Department of Agriculture to provide direct cash assistance to rice farmers tilling two (2) hectares and below.

Key points

1. Assistance and period. The Act authorizes direct cash assistance to farmers tilling two (2) hectares and below of rice land until 2024.
2. Source of funds. The Act uses the annual tariff revenues in excess of Ten Billion Pesos (P10B) of the Rice Competitiveness Enhancement Fund created under Republic Act No. 11203.

Who is affected

• Farmers tilling two (2) hectares and below of rice land

Deadlines and effectivity

• Assistance until 2024

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.