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BUSINESS

IPG RAISED FOR TWO CONSECUTIVE YEARS TO PROTECT RUBBER SMALLHOLDERS' WELFARE -- MOF

13/02/2024 08:26 PM

KUALA LUMPUR, Feb 13 (Bernama) -- The MADANI government has increased the rate of the Rubber Production Incentive (IPG) for two consecutive years to ensure the protection of the rubber smallholders’ welfare.

According to the Ministry of Finance (MoF), as was announced in Budget 2024 in October 2023, the IPG activation price level has been raised to RM3 per kilogramme with an allocation of RM400 million.

The IPG is a government aid to rubber smallholders to help them deal with the impact of falling rubber prices on their income.

Nevertheless, the IPG assistance did not increase for several years in tandem with the rise in the cost of living. As a result, the rubber smallholders would only burden themselves if they wanted to increase productivity.

"Indirectly, this aid ensures that the country's rubber production remains resilient regardless of the changes in the market price," the MoF said in a post on Facebook today.

The IPG has been implemented since 2015 to reduce the smallholders’ burden when market prices are low, besides encouraging them to continue rubber tapping.

-- BERNAMA


 


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