An estimated 2.38 million rice farmers have started receiving P5,000 each in cash aid from the Rice Farmers Financial Assistance Program, an unconditional cash grant for farmers tilling below two hectares.

Mandated under Republic Act No 11598 or the Cash Assistance to Filipino Farmers Act of 2021, and overseen by the Department of Agriculture, the program is funded through the excess tariff collection from rice importations in 2022, totaling P12.7 billion.

As of 28 December, 458,435 farmers' accounts have received the cash aid while 44,719 farmers have withdrawn their cash through the efforts of the Development Bank of the Philippines and remittance giant USSC, a BSP-licensed e-money issuer.

More farmers are expected to avail of their cash assistance in the coming days through the more than 700 stores of USSC nationwide, or by withdrawing from any BancNet ATM.

Farmers from the Cordillera Autonomous Region, CARAGA and MIMAROPA were among the first to receive their cash assistance.

Farmers are able to withdraw cash with their Interventions Monitoring Card, an innovative product jointly developed by the DA, the DBP and USSC.

The card contains both an EMV chip (for secure transactions in ATMs) as well as a unique QR code linked to the individual rice farmer registered in the Registry System for Basic Sectors in Agriculture.

Smallholder rice farmers can use the cash they receive for daily subsistence and personal needs, explained Agriculture Undersecretary for Rice Industry Development Leocadio S. Sebastian, as this is an unconditional cash grant provided by law.

"We pride ourselves in making sure our rice farmers get the cash assistance, stipulated by law, in the fastest, most convenient way possible," said USSC president/CEO Jose Xavier 'Eckie' Gonzales.

"Through our partnership with DBP, we have issued e-wallets to the rice farmers, ensuring that they are finally included in our financial system. Because of this, they can now reap the benefits of quick cash transfers to their account, which they can access at any time, any day of the week, through our mobile app or through any BancNet ATM."

President Ferdinand Marcos Jr. had approved the release of the P12 billion financial package to rice farmers owning two hectares and below, saying 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 Nino."

USSC, formerly known as RCPI, is one of the country's largest remittance companies and is known for its partnership with Western Union, as well as with other global remittance companies.