NextGen Day

A Senate plan that seeks to exempt fertilizers and pesticides from taxes will help around 11 million farmers across the nation.

Senator Imee Marcos bemoaned that local farmers use minimal amounts of fertilizer due to the high cost of fertilizers, leading to low production, and submitted Senate Bill No. 1720, also known as the Fertilizer and Pesticide Tax and Immunity Act.

Marcos pointed out that while being the eighth-largest rice producer in the world, the Philippines is also the biggest importer of grain.

The Philippines imported 2.9 metric tons of rice from Thailand and Vietnam in total in 2021.

According to the United States Department of Agriculture, the Philippines would import 3.1 metric tons of rice in 2022 and 2023.

“While achieving self-sufficiency in the production of rice remains distant, food security is a priority on every administration’s road map. Fertilizers and insecticides, which have been widely employed throughout the nation according to scientific studies, significantly increase agricultural productivity. Unfortunately, the cost of these things is rising even as the cost of agricultural products, particularly rice, is falling, according to Marcos’ explanation.

The proposed law would exempt the sale of fertilizers and pesticides from paying municipal taxes and would exempt imported goods from V.A.T. and customs fees.

For the purposes of value-added tax, the sale of fertilizers and pesticides to farmers—including crop producers, poultry and hog raisers, and all other entities engaged in farming, whether corporate or otherwise—will also be zero-rated.

Tax exemptions also apply to donations made to regional producers of pesticides and fertilizers that are truly, directly, and only used in the creation of those items.

The importation of the given property in the event of overseas donations shall also be exempt from value-added taxes and customs duties.

Once approved, according to Marcos, the agriculture industry’s competitiveness in both home and international markets would increase, and production will be maximized.

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