00:00 The government is focused dead on to improve the lot of the nation's rice farmers in lockstep
00:05 with the presidential working agenda on food security.
00:08 Toward this end, the Department of Budget and Management approved the disbursement
00:12 of over 455 million for the operating requirements of the Rice Competitiveness
00:17 Enhancement Program for the first three months of the year.
00:21 In a statement earlier today, the DBM said the funds have been divvied up four ways.
00:26 Allocations for the Department of Agriculture, the International Rice Research Institute,
00:30 the Land Bank of the Philippines, and the Development Bank of the Philippines, or DBP.
00:36 The Rice Competitiveness Enhancement Program was conceived to raise local rice farmers'
00:40 productivity and competitiveness, hike farmers' incomes by way of farm machinery and equipment
00:46 endowment, rice seed development, propagation and promotion, and rice extension services,
00:51 and expanded credit assistance.
00:53 Republic Act 11203 that creates the RCEP is bankrolled with a 10 billion vessel fund over
01:00 the next six years that also provides 50 percent of the fund for farm machinery grants.
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