(INQUIRER FILE PHOTO / WILLIE LOMIBAO)
MANILA, Philippines 鈥� The economic policy advocacy group Foundation for Economic Freedom (FEF) on Wednesday said that it supports the lifting of restrictions on foreign investments in vital crops such as rice and corn.
According to the group, this move will support local farmers and competition and will also reduce crop prices for consumers.
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鈥淭he divestment requirement is a unique restriction to the Philippines and the rice and corn sector, in particular. Foreign companies that have established operations in the country are hesitant to expand their operations as they near the divestment period since they will lose control of their investments,鈥� FEF Technical Consultant Maria Charina Ubarra said.
The group made the statement in a roundtable discussion on foreign investments with the House of Representatives Congressional Planning, Budget and Research Department and the Committee Affairs Department.
Ubarra added that allowing foreign investors in the vital crops will also have an effect on the other sectors, such as animal-raising, as feed prices will be reduced and asked representatives to repeal or amend Republic Act 3018 and Presidential Decree 194, which gives the guidelines in the rice and corn industry.
鈥淚 mean this is a 1960s law that is no longer relevant. What have we done about it? [鈥 Up 鈥榯ill now, we are not aware of it. Some of us have not even been born then. We should repeal it immediately,鈥� said Nueva Ecija Rep. Ria Vergara, who participated in the discussions,
Agriculture Assistance Secretary U-Nichols Manalo and National Food Authority Administrator Roderico Rayo Bioco, who were also in the discussions, likewise supported the calls for amending the laws.