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Philippines: Private sector urged to invest in agriculture
MANILA, Philippines — The agriculture industry is ready for private sector investments as the government continues to invite businessmen to invest in the country’s agriculture industry, according to Agriculture Secretary William Dar.
“Our creativity led us to the transformations of Philippine agriculture we are quite proud of now, and we hope to kindle vibrant entrepreneurship through it. We want you there with us at this new turn,” Dar said during a recent meeting with members of the American Chamber of Commerce of the Philippines (AmCham).
Dar presented several areas for investments in the agriculture sector, particularly the commodity industries with huge export potential such as coconuts, mangoes, seaweed and shrimps.
In terms of investment areas for technologies, Dar identified sustainable water technologies, drone technologies and smart farms, greenhouse technologies, biosecurity measures, and aquaculture and fish farming technologies as some of the priorities.
“To complement our reform agenda and transformative goals, we need financing heft in technology, research, and science-backed farming methods,” he said.
The OneDA Reform Agenda is anchored on four pillars of consolidation, modernization, industrialization and professionalization, and features 18 key strategies, which aim to make the agriculture sector globally competitive, food secure and resilient.
Dar said the national government has finally recognized that the country must support the agriculture sector, citing that the country’s economic managers have facilitated the provision of a basket of economic reforms to ease up business transactions.
This includes the enactment of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) in consideration of micro, small, and medium enterprises, including foreign firms.
He said there are also deductions and other incentives such as duty exemptions and VAT exemptions on importation, to ease the load off the costs of entrepreneurship.
Dar emphasized that agricultural activities are also given investment incentives under the Strategic Investment Priority Plan (SIPP) of the Department of Trade and Industry.
“Our investors, then, can expect a friendly policy environment incentivizing agri-entrepreneurship,” Dar said.
Apart from investment opportunities of industry commodities and research, the Agriculture chief also highlighted the potential of agro-industrial business corridors (ABCs).
Dar said the ABCs would link up even the remote production or farm areas with postharvest and processing centers where new agribusinesses could be incubated.
“Such infrastructure will be the emblems of true agricultural industrialization. Succeeding that will erase doubts about the Philippines’ status as an agro-industrialized economy,” Dar said.
Source: https://www.philstar.com/business/2022/03/08/2165613/private-sector-urged-invest-agriculture