The Philippines have claimed that it will be giving 12.7 billion pesos (S$306 million) in financial help to around 2.3 million rice farmers to help them dea with the El Nino weather phenomenon and higher production costs. Rice farmers till below 2ha of land will be getting 5,000 pesos each, President Ferdinand Marcos Jr’s communication office said in a statement. The fund will be collected and given from the excess tariff collection from rice imports in 2022, it revealed in depth.
Also, other 700 million pesos, also from rice tariffs, has been assigned for prividing to 78,000 farmers who are under the Department of Social Welfare and Development’s cash subsidy programme, Mr Marcos’ office revealed. Intense higher rice prices led to inflation in the Philippines in August, resulting in Mr Marcos to cap prices of the staple grain and give cash aid to rice retailers and small-store owners impacted by the cap. Rice makes up approximate 9 per cent of the South-east Asian country’s consumer basket.