Malacañang on Saturday announced that President Ferdinand Marcos Jr. has approved the release of P12.7 billion worth of cash aid to farmers under the government's Rice Farmers Financial Assistance program.

Marcos also ordered the immediate distribution of assistance to augment the productivity challenges confronting rice farmers in the country.

"[This would] help them cope with the increasing cost of production and sustain their productivity even in the face of challenges like the coming El Niño [phenomenon]," P Marcos said.

Under the RFFA, the government has identified about 2.3 million small-time rice farmer beneficiaries, who signed up to the Registry System for Basic Sectors in Agriculture, on 30 June 30, 2023.

Each beneficiary will receive P5,000 in financial assistance, which will sourced through the excess tariff collection from rice importations in 2022, amounting to around P12.7 billion.

Among the qualified RFFA beneficiaries include farm cooperatives associations, irrigators associations, agrarian reform beneficiaries organizations, small water impounding systems associations, and other farm groups.

RFFA is an unconditional financial assistance for farmers tilling below two hectares of land, as mandated under Republic Act 11598 or the Cash Assistance to Filipino Farmers Act of 2021.

Marcos also approved the utilization of P700 million in excess tariff collections for the "Palayamanan Plus" conditional cash transfer under the Household Crop Diversification Program.

This targets to ensure "food, nutrition and income security" to be provided to RSBSA-registered farmers, who are also listed in the Pantawid Pamilyang Pilipino Program of the Department of Social Welfare and Development.

Around 78,000 beneficiaries are expected to each receive P10,000 from the Palayamanan Plus conditional cash transfer program.

Presidential Communications Office Secretary Cheloy Garafil said the two proposed financial assistance packages support the government's Masagana Rice Industry Development Program.

Marcos earlier said his administration would be "relentless in finding sustainable solutions to address the agricultural issues in the country gearing toward a New Philippines."

"The President also emphasized that providing financial assistance to affected farmers is just one of the steps of the administration to sustain their source of income," said Garafil.