00:00The amendment to the Rice Tarification Law, which aims to lower the price of rice,
00:06will strengthen tourism and improve mental health.
00:11This is supported by the three amendments signed today by President Bongbong Marcos.
00:17This is brought to you by Ivan Mayrina.
00:22The sale of 40 pesos per kilo of rice that can be bought in Cadiwa today
00:27The target is to lower the price to 2 pesos per kilo by the end of the year
00:30according to Agriculture Secretary Francisco Chulaurel.
00:33Next year, our target is to break 40 pesos.
00:37Hopefully, by the end of January, we'll have 39, 38, something like that.
00:44Lowering the price of rice is the main aim of the amendment to the Rice Tarification Law
00:49passed by the President today.
00:51The main amendment here is the expansion of the Rice Competitiveness Enhancement Fund, or RCEF,
00:56until 2031 and the addition of a fund of P10 billion per year to P30 billion per year.
01:03This will be obtained from the Nagokolektang Taripa in Inaangkatabigas.
01:07This will enable us to do much more for our farmers,
01:11ensuring that they have the resources that they need to succeed
01:15and to make the rice industry even more competitive.
01:19The law is also giving more power to the Department of Agriculture
01:23to monitor importers and traders.
01:25Warehouses will be more targeted
01:27and the actual data and inventory of rice will be more visible
01:30to ensure a sufficient supply of food.
01:32In the Philippines, Pagsolong is not only a market but also a shopping destination.
01:37It is also the place where the VAT Refund Program for Non-Resident Tourists is being implemented.
01:42Under this, tourists can claim a refund on value-added tax
01:46or foreign passport holders for purchases worth P3,000 or more.
01:51According to the Bureau of Internal Revenue,
01:53the collection of VAT from non-resident tourists will be reduced to P6 billion
01:59because of this new law.
02:01But the return will be greater
02:03due to the expected higher income and more jobs in the tourism industry.
02:08The economic impact of this measure is projected to be substantial,
02:13estimating an almost 30% increase in tourist spending.
02:17This will elevate the value proposition of Philippine tourism
02:22as we can now add a very attractive shopping component to tourism in the country.
02:28The Basic Education, Mental Health, and Well-Being Promotion Act,
02:31which was also passed today,
02:33aims to address the number of children suffering from depression.
02:37In 2023, 254 students were reported to have lost their lives due to depression
02:45and this number has increased to more than 1,500 this year
02:48according to the Department of Education.
02:51The major reason we see
02:55is the effect of social media or the use of gadgets
02:59that is not being managed well.
03:01And then add on to that,
03:05a significant factor is the dysfunctional family.
03:09Parents don't have any guidance.
03:12Under the new law,
03:14there will be care centers in schools
03:16with professional counseling and stress management workshops
03:19to take care of the mental health of students.
03:23For GMA Integrated News, Ivan Mayrena, Katutok, 24 Hours.
03:34www.gma.gov
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