Metro Manila (CNN Philippines, August 7) — A party-list representative has filed a bill seeking to provide more tax incentives to members of the private sector to encourage them to help and support agricultural workers and fisherfolk.
House Bill 2418, filed by AGRI Party-list Representative Wilbert Lee, will also amend Section 12 of the “Sagip Saka Act” which was signed into law in 2019.
“[T]his measure seeks to further encourage the private sector to donate to accredited farmers and fisherfolk enterprises under the Farmers and Fisherfolk Enterprise Program by declaring that donors of real and personal properties to these enterprises, in addition to being exempted from the payment of donor’s tax, shall be permitted to claim those donations as allowable deductions from the gross income,” he said.
“To convince them further to help and donate, the allowable deductions on the gross income shall be made equivalent to one hundred fifty percent (150%) of the value of the donation which shall be based on the acquisition cost, fair market value or zonal value, whichever is higher,” he added.
The said program will integrate the various initiatives of the Department of Agriculture (DA) to support cooperatives and enterprises, optimize their business operations, and provide opportunities for markets and product development.
“Kapag po mas naengganyo at ginanahan ang pribadong sektor na tumulong sa mga negosyo o inisyatiba para sa mga magsasaka at mangingisda, mas maraming panggagalingan ng suporta, na magbibigay sa kanila ng dagdag na kumpiyansa na pataasin ang kanilang produksyon at kita,” Lee explained.
[Translation: If the private sector is encouraged and motivated more to help businesses and initiatives for farmers and fisherfolk, there will be more sources of funds that will give them more confidence to increase production and earnings.]
Apart from benefiting farmers and fisherfolk, the lawmaker said the proposed measure will also bring down food prices and help the country achieve food security.
During his first State of the Nation Address, President Ferdinand “Bongbong” Marcos Jr., who also leads the DA, said his administration will focus on improving agricultural production, through financial and technical assistance, to address food supply issues.
The chief executive also vowed to modernize agriculture and to improve farm-to-market roads.
