By Victoria “NIKE” De Dios
Cognizant of the importance of food security, fair and legal trade, and equitable distribution of agricultural products, the British Chamber of Commerce Philippines welcomes the ratification of the Anti-Agricultural Economic Sabotage Act by both the Senate and the House of Representatives on August 6, 2024.
This swift move from the Upper and Lower House would pave the way to thwart smuggling once President Marcos signs it.
Through the years, the British Chamber has strongly supported all sorts of economic reforms and legislations believing the importance of encouraging more foreign investors to do business in the Philippines.
Last May, both Houses ratified the first bicameral conference committee report. According to Senator Cynthia Villar, principal author and sponsor of the measure, the reconciled version of the bill consists of an amendment in Section 18 which “included the Department of Finance in the composition of the Anti-Agriculture Economic Sabotage Enforcement Group… to prevent connivance between smugglers and employees of BOC.” Sen. Villar said and noted that she hopes for its passage “as early as possible.”
For his part, British Chamber of Commerce Philippines Executive Director/Trustee Chris Nelson expressed his support and identified the act as one of the key priorities of the British Chamber, noting the strong agricultural trade relations between the UK and the Philippines. He mentioned in an interview how important this law is.
“Regarding the local sector, we are key advocates for the Anti-Agricultural Economic Sabotage Act which will protect both the local sector, legitimate importers, and assist exporters to continue to thrive,” Nelson explained.
Aligned with this advocacy is the fight against inflation and ensuring a stable food supply in the country, having supported the recent extension of lowered tariffs on agricultural commodities such as pork until 2028 under Executive Order No. 62. “Food supply and the work that we’ve been doing to bring in meat and pork will be focused in terms of the fight against inflation. And that is obviously going to be an encouragement to investors.” The Philippine Statistics Authority reported that the headline inflation recorded at 4.4% in July 2024 from 3.7% in the previous month.
On July 300, 2024, the British Chamber in partnership with the UK Agriculture and Horticulture Development Board (AHDB) hosted the Philippine-British Meat Trade Briefing and Reception with key industry leaders from the UK and the Philippine government, and the private sector to reinforce and sustain the growing meat trade relations despite present challenges in terms of outbreaks and climate patterns–with the Philippines remaining as the 2nd largest UK pork export market in Asia next to China.
