When I was young, I recall the time when our country was self-sufficient in rice, and a model for Southeast Asian nations in rice production. The Philippines was then considered, by our agriculture-based neighbors, as a good example of how to manage their own rice lands. This tribute led to the formation of the International Rice Research Institute (IRRI) in Los Banos, Laguna in 1960, a renowned world body, where many of our Asian neighbors sent their citizens to study, research and learn how to produce and harvest rice at an optimum level. Many of our scientists discovered the so-called “miracle rice” in IRRI which was adopted by other rice producing countries, thereby resulting in multiple harvests throughout the year. Somewhere down the line we lost this distinction when some entrepreneurs converted wide tracts of agricultural lands into industrial sites for their own business reasons. This led to farmlands (and forestlands) being used for industrial and housing projects for a fast growing population. This resulted in large areas that were once devoted to agriculture turning into a haven for industry. Thus, from being a rice producing country, we turned into an importer of rice, and in the process spending millions of pesos in foreign exchange.
Last week, I came across newspaper reports that we have once again regained our position as an exporter of rice after only two years under the Aquino administration. That was indeed heartening news and, if it is accurate, to be believed. The President has declared that the Philippines will no longer have to buy the staple from abroad by next year.
In his address at the Department of Agriculture’s Food Staples Sufficiency Program, Mr. Aquino cited the DA’s irrigation program and the use of certified seeds as the “key to the country’s march toward self-sufficiency in rice production.” According to him, we will no longer have to import rice next year because by then “we would already have enough.” This is good news for our agricultural industry, and hopefully this time we will be more careful in safeguarding our rice production for the country.
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BIR Commissioner Kim Henares has declared that her agency plans to audit the books of accounts of top listed companies that reported high profits but which were not reflected in their income tax returns. She disclosed that the government’s largest revenue earner is already investigating publicly-listed firms, including large conglomerates, which disclose their monthly income to the Philippine Stock Exchange (PSE). According to the PSE, the combined income of listed companies grew by 24 percent during the first quarter. If this is true, “how come such growth did not correspond to the taxes that were collected from them?” she asked. Truly, that is the million-peso question. And the people would like to know the answer. The top income taxpayers that were publicly published are not even known to most people (including myself). Why is that so? Are there only a few businessmen honest enough to disclose their true income and earnings? Or put another way, how can the rich be perceived to be so bold but not brave enough to reveal their money? Ms. Henares said that if they (the BIR) discover in the course of their investigation a discrepancy from companies and individuals, the BIR would collect the tax discrepancy and if there is evidence of fraud, those found guilty will face criminal prosecution for tax evasion. This is a strong step against those people in power, and the BIR under the unwavering leadership of Ms. Henares should be commended for taking such action.
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The Department of Justice has issued a legal opinion requested by the Department of Finance on the planned merger of the Philippine National Bank and Allied Banking Corporation, both owned by taipan Lucio Tan. The Presidential Commission on Good Government (PCGG) had opposed the merger as reported in a national daily, stating the proposed union of the two banks would render government efforts to recover a portion in Lucio Tan’s allegedly ill-gotten wealth “moot and academic.” Justice Secretary Leila de Lima has opined that “PCGG has lost a legal basis to assume control over shares of stock of Tan’s Allied Bank since its sequestration order over the shares was declared void by the Sandiganbayan.” This puts to rest the matter of whether PNB and Allied Bank can lawfully merge, with PNB remaining as the surviving entity. De Lima further added that the anti-graft court issued a ruling on June 11, 2012 that Tan’s assets are not part of the ill-gotten wealth of the Marcos family. So will we see this merger finally push through now? Time will tell.