This policy brief constitutes an initial empirical evaluation of the implementation of the Republic Act 11203 or the Rice Tarrifcation Law (RTL), the Rice Competitiveness Enhancement Fund (RCEF) and House Bill 10381. Despite the RTL’s aim to enhance rice farmer incomes through subsidies funded by rice import tariffs, empirical data suggest that the RTL and the RCEF have not significantly altered the growth trajectory of rice productivity. The analysis, however, suggests that rice prices remained relatively stable possibly due to the greater inflow of imported rice. Furthermore, analysis of importation and tariff duties reveals the extent to which consumers bear the cost of the RTL and the RCEF. This study underscores the critical trade-off between consumer and producer welfare inherent in the RTL and RTL+, emphasizing the need for a policy approach that carefully considers the interests of both groups.