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PHILIPPINE TO GIVE FARM IMPORTS EXTENDED DUTY-FREE PRIVILEGES.
MANILA, Nov 1 Asia Pulse - The Department of Agriculture (DA) is supporting a congressional bill which seeks to extend the duty-free privileges on the importation of farm and fishery inputs up to 10 years as mandated in provisions of the Agriculture and Fisheries Modernization Act (AFMA).
DA Secretary Leonardo Montemayor said House Bill no. 4369 introduced by Rep. Cynthia Villar, will complement other proposed bills filed in Congress that aim to exempt all types of agriculture and fisheries inports, equipment and machinery which have the potential great impact on agriculture and the fisheries sector.
He said the DA has already furnished Rep. Jules Ledesma, chairman of the House Committee on Ways and Means, of his insights for the betterment of the bill.
Montemayor said the agriculture department, as per mandate under AFMA or Republic Act no. 8435 and the Fisheries Code or Republic Act 8550, has provided duty-free privileges for the importation of agriculture and fishery inputs for agriculture and fishery enterprises since its effectivity in 1997.
"The Department of Finance (DoF) estimates the total foregone revenues from this duty-free privileges at P39.11 million (US$738,621), and P627.55 million in 1999, 2000, and 2001 respectively, or a total of P1.106 billion.
"With the scaling down of tariffs for most of these productions, additional incentives may be needed to sustain investments in the agriculture sector," he said, adding that extending the duty-free privileges to 10 years would therefore be a welcome development in so far as agricultural development is concerned.
However, the DA chief expressed reservation on a particular provision in HB 4379 such as individuals, cooperatives and other enterprises, engaged in the importation of all types of agriculture and fisheries inputs, ...
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Source: HighBeam Research, PHILIPPINE TO GIVE FARM IMPORTS EXTENDED DUTY-FREE PRIVILEGES.