Marcos signs 2 new laws to boost economy

President Ferdinand Marcos Jr. signed two new laws Monday designed to stimulate economic growth through agriculture and tourism. The first amends the Rice Tariffication Law to extend the Rice Competitiveness Enhancement Fund until 2031 and triple its annual funding to P30 billion to modernize the rice industry, ensure food security, and improve farmers’ livelihoods. The second law introduces a value-added tax refund for foreign tourists, a move seen as a marketing strategy to boost the tourism sector and position the Philippines as a premier shopping destination.