Excess tariff gains fund farmers’ grant
‘More farmers are expected to avail of their cash assistance in the coming days by going to any of the more than 700 stores of USSC nationwide, or by withdrawing from a BancNet ATM.’
Daily Tribune‘More farmers are expected to avail of their cash assistance in the coming days by going to any of the more than 700 stores of USSC nationwide, or by withdrawing from a BancNet ATM.’
An estimated 2.38 million rice farmers have started receiving P5,000 each in cash aid from the Rice Farmers Financial Assistance Program, which is an unconditional cash grant for farmers tilling below two hectares.
Mandated under Republic Act, or RA, 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accounts have been credited the cash aid and despite the many bank holidays of the past week, 44,719 farmers have withdrawn their cash, through the efforts of the Development Bank of the Philippines and remittance giant USSC, a BSP-licensed e-money issuer.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 by going to any of the more than 700 stores of USSC nationwide, or by withdrawing from a BancNet ATM.
More cash aids coming
Farmers from the Cordillera Autonomous Region, Caraga and MIMAROPA were among the first to receive their cash assistance, this is expected to increase in the following days as the letters of instruction from the DA's regional offices are issued.
Farmers can 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.
The 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," USSC president and CEO Jose Xavier "Eckie" Gonzales said.