British Chamber looks forward to anti-agricultural economic sabotage act being signed into law

The British Chamber of Commerce Philippines supported the Senate’s ratification of the bicameral conference committee report of the Anti-Agricultural Economic Sabotage Act on 22 May 2024.

The bill has been certified as urgent by President Ferdinand Marcos Jr., which aims to protect the local farmers, consumers and the overall agricultural sector against hoarders, profiteers, cartels and smugglers. 

BCCP Executive Director/Trustee Chris Nelson consistently promotes a more competitive Philippine agricultural sector, noting its contribution to the country’s economic growth and ensuring food security. 

“The passage of the Anti-Agricultural Economic Sabotage Act remains a key priority. We know there have been some discussions that could be passed, hopefully before the Congress adjourns in June. We have some concerns in terms of the amendment of import entries that should be looked at but overall, the need is to pass this act.”

Nelson also emphasized the need to continue to ease inflation, noting its upward trend reaching 3.8% in April 2024 from 3.7% the previous month. In line with this, he also noted its support for the full implementation of Executive Order No. 50–mandating the extension of lowered tariff rates on agricultural commodities including pork. 

“I think inflation remains the key issue. And that has been remarked upon by Secretary Recto. If we get inflation low, that would certainly help GDP. In that context, I think that what could be done to help with inflation, we strongly advocate the full implementation of the Executive Order No. 50 on the lower tariffs particularly on pork. We work very hard to get quality pork from the UK here. I believe now there are opportunities for tariffs to be lowered on an overall basis, and again, on supporting the government, President Marcos issued an executive order on wanting to streamline import requirements. The numbers are still 5.7% is still a good growth rate. Obviously, everybody wants to see it higher. I think it's tracking the right way. The key is getting that inflation number particularly on food down.” 

In a recent Senate press release, Sen. Cynthia Villar, principal author and sponsor of the act, noted that, “This is also a protection of the State from tax evaders and non-payers of duties. This will ensure the well-being of our agricultural producers, consumers, and the whole economy."

The British Chamber fully supports the government’s efforts to further boost local production by establishing a more competitive agricultural sector, ensuring the country’s food security and modernizing the sector as one of the key drivers of the Philippine economy.