The House of Representatives late Tuesday approved a bill seeking to amend the Rice Tarrification Law on third and final reading.

With 231 affirmative votes, three negative votes, and one abstention House Bill (HB) 10381 was approved.

Under the bill, the price stabilization and supply regulation functions of the National Food Authority (NFA) are restored.

The measure also mandates the NFA to maintain sufficient buffer stock requirements to be sourced from local farmers or farmers' groups.

It authorizes the Agriculture Secretary, upon the recommendation of the National Price Coordinating Council or the Local Price Coordinating Council, to declare a food emergency if there is a shortage in the supply of rice, sustained increase in the price of rice, and an extraordinary increase in the price of rice.

The bill also extends the validity of the Rice Competitiveness Enhancement Fund (RCEF) for another six years and its coverage will include the construction of post-harvest and processing facilities; irrigation development; soil health development and pest disease management.

Under the measure, the President, through the recommendation of the Agriculture secretary, is empowered to reallocate the P15 billion rice fund and the excess tariff revenues to core programs if needed. Jaspearl Tan/DMS