Piñol pushes tax incentives for firms using local agri products
In order to support Filipino farmers and improve the supply chain in the agriculture sector, Agriculture Secretary Emmanuel Piñol is now looking to give tax incentives for companies that will use local agriculture products.
“Feed mills using locally produced corn and other feed materials and other manufacturing and processing facilities using products from Filipino farmers and fisher folks should be given incentives and tax holidays by government,” Piñol said.
“This is the proposal embodied in a draft bill to be submitted to both Congress and the Senate to encourage local processors to use Philippine agriculture and fisheries products,” he added.
Piñol already presented this proposal during the meeting of the Philippine Partners for Sustainable Agriculture (PPSA).
For using local meat, chicken, corn, cassava, aqua and marine products and others in their processing operations, Piñol said companies should be given similar incentives as foreign investors.
If passed into law, the bill is expected to assure local producers of a good price for their produce thus stimulating greater agricultural and fisheries productivity.
“In the long haul, this proposed measure will create more job opportunities and address poverty in the countryside,” Piñol further said.
The bill is now being drafted by the Legal Office of the Agriculture Department, while the PPSA was tasked to provide inputs including a list of countries currently using the same strategy to support local producers.