Legislative History
| House Bill/Resolution NO. House Bill No. 6586, 12th Congress of the Republic |
| FULL TITLE : AN ACT AMENDING CERTAIN PROVISIONS OF REPUBLIC ACT NO. 8435, OTHERWISE KNOWN AS "AN ACT PRESCRIBING URGENT RELATED MEASURES TO MODERNIZE THE AGRICULTURE AND FISHERIES SECTORS OF THE COUNTRY IN ORDER TO ENHANCE THEIR PROFITABILITY, AND PREPARE SAID SECTORS FOR THE CHALLENGES OF GLOBALIZATION THROUGH AN ADEQUATE, FOCUSED AND RATIONAL DELIVERY OF NECESSARY SUPPORT SERVICES, APPROPRIATING FUNDS THEREFOR AND FOR OTHER PURPOSES |
| ABSTRACT : The enactment of the Agriculture and Fisheries Modernization Act (AFMA) effectively deprived the agro-processors of the importation incentives they enjoyed under the Investment Priorities Plan (IPP) such as the duty-free importation of equipment, the availment of equivalent tax credits for locally procured equipment and tax holidays. Believing that agro-processors enjoy these incentives under the AFMA, the Board of investments excluded agro-processors from the IPP. The lost incentive resulted in a decline in investment in agro-processing activities from 2001 until the present. This measure seeks to restore the incentives program, specially the duty-free importation of capital equipment, to the agri-business sector. |
| PRINCIPAL AUTHOR/S : LAPUS, JESLI A. |
| DATE FILED : 2003-11-24 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON AGRICULTURE, FOOD & FISHERIES ON 2003-12-08 |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON APPROPRIATIONS |
Abstract
The enactment of the Agriculture and Fisheries Modernization Act (AFMA) effectively deprived the agro-processors of the importation incentives they enjoyed under the Investment Priorities Plan (IPP) such as the duty-free importation of equipment, the availment of equivalent tax credits for locally procured equipment and tax holidays. Believing that agro-processors enjoy these incentives under the AFMA, the Board of investments excluded agro-processors from the IPP. The lost incentive resulted in a decline in investment in agro-processing activities from 2001 until the present. This measure seeks to restore the incentives program, specially the duty-free importation of capital equipment, to the agri-business sector.
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Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.