To boost funding in Philippine agriculture, Secretary William Dar continues to enjoin the private sector, particularly the members of the American Chamber of Commerce of the Philippines (AmCham), to invest in the sector that is “ready for big leagues entrepreneurship.”
“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,” Secretary Dar said during his meeting with AmCham on Mar. 3, 2022.
According to the agri chief — the young, dynamic, and tech-savvy skilled human resources, abundant natural resource base, and the growing middle class that is ready to buy — are some of the reasons why it is best to invest in Philippine agriculture.
He added that the national government has finally recognized that the country must play to its strengths by supporting its agriculture sector. He also thanked the economic managers who 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 added that there is a suite of deductions and other incentives such as duty exemptions and VAT exemptions on importation, to ease the load off the costs of entrepreneurship. Agricultural activities are also given investment incentives under the Strategic Investment Priority Plan (SIPP) of the Department of Trade and Industry (DTI).
“Our investors, then, can expect a friendly policy environment incentivizing agri-entrepreneurship,” he said.
Secretary Dar also presented several areas for investment, particularly the commodity industries with huge export potential including coconuts, mangoes, seaweed, and shrimps.
In terms of investment areas for technologies, he 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.
Moreover, the agri chief highlighted the role of agro-industrial business corridors (ABCs) that prominently feature in DA’s blueprints for industrialization. He said the ABCs will 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,” Secretary Dar stressed. ### (Gumamela Celes Bejarin, DA-AFID)
