The National Economic and Development Authority (NEDA) is supporting the proposal to extend the Rice Competitiveness Enhancement Fund (RCEF) beyond 2024.

"I'm fine. I'm okay with that, " NEDA Secretary Arsenio Balisacan told reporters on the sidelines of the 2024 National Innovation Day Celebration at the Novotel Manila in Quezon City on Monday.

Balisacan said, however, that NEDA is studying the proposal.

"NEDA is looking at that issue. There are pros, there are cons. I would like to think that keeping the RCEF and targeting it well, using it well to improve the productivity on rice is not a bad idea," said Balisacan.

Republic Act (RA) 11203 of 2019 provides for the creation of the RCEF with an annual appropriation of P10 billion for the next six years following the approval of the law.

It is intended to improve the productivity and competitiveness of local rice farmers and increase their income through the provision of farm machinery and equipment, rice seed development, propagation, and promotion, expanded rice credit assistance, and rice extension services.

Nueva Ecija 3rd District Rep. Rosanna Vergara earlier filed a measure to extend the RCEF by six years.

"But at the same time, the President has also issued an administrative order reducing unnecessary barriers to imports, especially when there are domestic shortages so that inflation will be averted," said Balisacan.

"So things like that would need to be examined. I think the only issue is whether you dedicate that tariff collection from the rice imports to rice only or to become a part of the general fund of government," he added.

Balisacan noted that the government must make sure that the fund are allocated for highly productive uses.

"Especially those that will address low productivity issues in the rice sector. I think that will be a good move," he said.