Philstar.com
September 27, 2024 | 9:10pm
The British Chamber of Commerce Philippines has welcomed the signing of the Republic Act No. 12022 or the Anti-Agricultural Economic Sabotage Act.
The measure has been consistently supported by the British Chamber as part of its priority agenda to manage inflationary pressures, ensure food supply and promote a competitive local agricultural sector.
President Ferdinand Marcos Jr. also noted during the signing that, “This law shapes a stronger, more resilient agricultural sector that defends both our farmers and our consumers. It also safeguards public health by preventing the consumption or industrial processing of agricultural products that lack the necessary sanitary and phytosanitary permits. It ensures that what ends up on the tables of every Filipino family are safe and of the highest quality.”
The administration has also noted the significance of the sector to drive the country’s economic growth with the recently signed law mandating stringent punishments against smuggling, hoarding, profiteering and cartel, which is now classified as acts of economic sabotage. This also mandates a non-bailable offense punishable by life imprisonment and hefty fines depending on the goods involved.
The British Chamber has similarly supported the Executive Order No. 62, mandating extension of lowered tariffs of pork and other agricultural commodities until 2028 to help assist with food inflation.
In August 2024, headline inflation eased at 3.3% from 3.3% from 4.4% the previous month. Meanwhile, food inflation has also seen a decrease with 4.2% in August 2024 from 6.7% in July 2024.
BCCP Executive Director/Trustee Chris Nelson noted that, “We highly welcome its passage as this has been our key legislative priority. We hope to see significant growth in the overall supply in the agricultural sector and particularly, with the local producers and legitimate importers.”
The British Chamber has consistently worked with the UK Agriculture and Horticulture Development Board (AHDB) and recently held the Philippine-British Meat Trade Briefing & Reception on July 30, 2024 with the Department of Agriculture, Bureau of Customs, and other agriculture stakeholders, noting the growing agricultural trade between the UK and the Philippines.
As reported by the AHDB, UK pork exports recorded an increase of 26% in volume from January to July 2024 and the Philippines has remained the second largest UK pork export market in Asia, next to China. With the growing UK pork exports to the Philippines, the British Chamber recognizes this as a testament of its commitment to integrate the UK’s best agricultural practices to maintain confidence and trust in the sector and promote a competitive economy.
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