President Ferdinand Marcos Jr. has signed into law the Amended Agricultural Tariffication Act (RA No. 12078) and the Value-Added Tax (VAT) Refund for Non-Resident Tourists Act (RA No. 12079).
In a ceremonial signing at Malacañang, President Marcos emphasized that RA 12078 addresses the rice supply shortage in the country.
The law extends the Rice Competitiveness Enhancement Fund (RCEF) by six years with a budget increase to ₱30 billion to strengthen the Philippine rice industry.
It focuses on improving farming through initiatives like seed development, advanced farming machinery, low-interest loans, farmer training, compost production, pest management, solar irrigation systems, and soil health enhancement.
Meanwhile, RA No. 12079 introduces VAT refunds for tourists spending at least ₱3,000 on goods from accredited stores, provided the items are taken out of the country within 60 days.
The VAT refund scheme aims to boost tourist spending by 29.8%, benefiting micro, small, and medium enterprises (MSMEs) across the country.
This initiative aligns with the National Tourism Development Plan (NTDP) 2023–2028, which includes infrastructure upgrades and digital innovations to enhance visitor experiences.
The Department of Finance (DOF), in collaboration with other agencies, is tasked with drafting implementation guidelines for the VAT refund law within 90 days.