The Department of Agriculture will utilize 2.1 billion pesos in excess tariffs from rice imports to diversify farmers’ crops and expand their insurance coverage.
Agriculture Secretary William Dar said the DA has already requested the Department of Budget and Management to release the excess rice tariff collections of about 2.1 billion pesos.
Some 1.1 billion pesos will be allocated for the expanded crop insurance on rice by the Philippine Crop Insurance Corporation. Another one billion pesos will be spent for crop diversification by the DA’s high value crops team.
Experts claim crop diversification provides numerous agricultural and economic benefits to farmers, and it enhances the resistance of plants to various weather conditions.
It will also increase the crop portfolio so farmers will not be dependent on a single crop to generate their income as cultivating only one type of crop exposes them to high risks of unforeseen climate events.