British Chamber anticipates the enactment of the anti-agricultural economic sabotage act

The British Chamber of Commerce Philippines expressed its support for the Senate’s approval of the Anti-Agricultural Economic Sabotage Act on May 22, 2024. This bill, which has been deemed urgent by President Ferdinand Marcos Jr., aims to safeguard local farmers, consumers, and the agricultural sector from activities such as hoarding, profiteering, cartel operations, and smuggling.

Chris Nelson, the BCCP Executive Director/Trustee, highlighted the importance of a competitive Philippine agricultural sector in contributing to the country’s economic growth and ensuring food security. He emphasized the need for the timely passage of the Anti-Agricultural Economic Sabotage Act, acknowledging concerns regarding import entry amendments while underscoring the overall necessity of implementing the act.

Nelson further addressed the issue of inflation, pointing out its increase to 3.8% in April 2024 from the previous month’s 3.7%. He voiced support for the full execution of Executive Order No. 50, which extends reduced tariff rates on agricultural products like pork. Additionally, he advocated for the streamlining of import requirements to aid in inflation control and economic growth.

Senator Cynthia Villar, the principal author and proponent of the act, emphasized its significance in protecting the government from tax evasion and ensuring the welfare of agricultural producers, consumers, and the economy as a whole. The British Chamber echoed its full endorsement of government initiatives aimed at enhancing local production, fostering a competitive agricultural sector, securing food supply, and modernizing the agricultural industry to bolster the Philippine economy.

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