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MANILA -- The Department of Agriculture said Thursday it would host consultations with stakeholders as government prepared to implement a law that puts tariffs on rice in place of import quotas.

The Rice Tariffication Law signed last week is among measures aimed at bringing down prices of the staple grain to tame inflation. Its implementing rules and regulations or IRR are still pending

Agriculture Sec. Manny Pinol told DZMM he initially feared that rice prices could not be controlled under the new liberalized regime.

He said he received assurances from the law's author, Sen. Cynthia Villar, that P10 billion would be allocated to the farm sector.

While the waiting for the government to fund the P10 billion allocation, Pinol said the DA was using for the meantime a P5 billion release from the Department of Budget and Management last December.