The House Committee on Agriculture and Food on Thursday approved a bill further extending the period of implementation of the Agricultural Competitiveness Enhancement Fund (ACEF) until 2028.
The House Committee on Agriculture and Food on Thursday approved a bill further extending the period of implementation of the Agricultural Competitiveness Enhancement Fund until 2028.
Enverga said Neda has suggested revisiting such proposed provision considering that the ACEF’s remaining balance is at P4.4 billion as of August 2022. However, the bill said any remaining balance at the date of expiration of the collection of duties for the fund shall not revert to the General Fund but shall continue to be used for the purpose for which it was collected and set aside.
“It was first extended to 2015 by virtue of RA 9496 [ACEF Extension Law]. Another extension was made under RA 10848, which allowed the Fund to be set aside until 2022. Even with the passage of RA 11203, the Rice Tariffication Law, which created a Rice Competitiveness Enhancement Fund or RCEF [earmarked the tariff collection from rice imports to the rice industry], the ACEF provision of RA 8178 was retained,” he added.
“Furthermore, the Asean economic integration is already with us. Thus, our agricultural produce has to be competitive, as integration enlarges markets for both local and regional firms,” he added.
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