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Manila Bulletin devider Philippines devider National devider 'No longer relevant': Economists bat for lifting of restrictions in rice and corn

'No longer relevant': Economists bat for lifting of restrictions in rice and corn

Published Feb 22, 2024 04:57 am

At A Glance

  • Economists, industry leaders, and lawmakers expressed their support for the removal of restrictions on foreign investments on the rice and corn industry in a bid to boost food security and productivity in the country.

Safeguard duty on rice, corn sought(MANILA BULLETIN)

Economists, industry leaders, and lawmakers expressed their support for the removal of restrictions on foreign investments on the rice and corn industry in a bid to boost food security and productivity in the country.

During a roundtable discussion at the House of Representatives on Wednesday, Feb. 21, economic policy advocacy group Foundation for Economic Freedom (FEF) said Presidential Decree (PD) No. 194 and Republic Act (RA) No. 3018 have limited the investments in these industrie for a period of 30 years.

FEF found the provision on divestment after a 30-year period a “unique requirement” that is only observed in the Philippines.

“Foreign companies that have established operations in the country are hesitant to expand their operations as they near the divestment period, since they will lose control of their investments,” FEF technical consultant Maria Charina Ubarra said.

Ubarra, a former House legislative officer, noted that PD No. 194 and RA No. 3018 imposed a “time-lock delay” to foreign investors as they are required to divest 60 percent of their ownership to Filipinos 30 years after they start operations.

Nueva Ecija 3rd district Rep. Ria Vergara questioned the continued existence of laws nationalizing the rice and corn industry.

“I mean this is a 1960s law that is no longer relevant. What have we done about it?” she asked.

“Up ‘till now, we are not aware of it. Some of us have not even been born then. We should repeal it immediately,” the lawmaker stressed.

RA No. 3018, which limited the rice and corn industry to Filipinos was enacted on August 2, 1960. Whereas, PD No. 194 was issued by former president Ferdinand Marcos Sr. on May 17, 1973.

In line with the vision of President Ferdinand “Bongbong” Marcos Jr., who recently served concurrently as agriculture chief, Ubarra appealed for the amendment of these laws to further encourage foreign investments to develop and boost the sector’s productivity.

The Department of Agriculture (DA), National Food Authority (NFA), American Chamber of Commerce and Industry, and Board of Investments (BOI) also support this call.

FEF’s Ubarra estimates that at least P1.3 trillion is needed for irrigation, post-harvest facilities, and other infrastructure for the agriculture sector to catch up with its Asian neighbors—a large sum that could be reduced by attracting foreign investments.

Foreign investments in the rice and corn sector currently stand at P21 billion and employ more than 4,000 workers.

Related Tags

Economists foreign investment agriculture
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