Global Courant
MANILA – The Philippines said it will provide 12.7 billion pesos ($306 million) in financial support to about 2.3 million rice farmers to help them cope with El Nino and higher production costs.
Rice farmers who cultivate less than two hectares of land will receive 5,000 pesos each, President Ferdinand Marcos’ communications office said in a statement. The fund will come from excess tariff collection from rice imports in 2022, the report said.
In addition, another 700 million pesos, also from rice tariffs, have been allocated for distribution to 78,000 farmers covered by the Ministry of Social Affairs’ cash subsidy program, President Marcos’ office said.
Sharply higher rice prices fueled inflation in the Philippines in August, prompting President Marcos to cap commodity grain prices and provide cash support to rice retailers and small shop owners affected by the cap. Rice makes up about 9 percent of the Southeast Asian country’s consumer basket. BLOOMBERG
