Quantcast
Latest Stories

Senator seeks probe of tax perks given Thai firm

By

The chair of the Senate committee on agriculture and food is seeking a congressional inquiry into the Board of Investment’s (BOI) grant of a six-year tax holiday to a Thai food company, a concession that the senator said could result in losses to the local livestock industry.

Sen. Francis Pangilinan has filed Senate Resolution No. 933 that also seeks to look into the 30-percent incentive for the importation of corn and other raw feed that BOI gave to Charoen Pokphand (CP) supposedly as an “industry pioneer.”

“It is a recognized principle of the State that there are appropriate roles for local and foreign capital to play in the development of the Philippine economy and that is the responsibility of government to define these roles and provide the climate for their entry and growth,” Pangilinan said in his resolution.

“The BOI grant (of tax perks) to the Thai-owned Charoen Pokphand has a great impact on the Philippine livestock industry considering that a foreign firm is enjoying the benefits from the Philippine government. Such substantial benefits are not being granted to the Philippine livestock industry,” he added.

Pangilinan said even Agriculture Secretary Proceso Alcala has expressed his concerns over the BOI’s grant of “pioneer” status to the Thai firm.

He said the BOI didn’t consult Alcala in granting pioneer status to the Thai company, adding that the agency only considered the firm’s required minimum capitalization of $200 million.

In an earlier statement, Abono party-list chair and Swine Development Council director Rosendo So warned that backyard hog and poultry growers and local feed producers will be among the first casualties of the tax incentives extended by the BOI to the Thai food firm.

“With BOI’s approval of CP investment in the area of agri-business, the antidumping law has effectively become useless. It allowed CP to effectively dominate the market, to the prejudice of the local hog and poultry industry,” So said.

Republic Act No. 8752, or the Anti-Dumping Act of 1999, provides protection to a domestic industry which is being injured, or is likely to be injured by the dumping of products imported into or sold in the country.

So called on President Aquino to immediately revoke the pioneering status granted to CP.

“If President Aquino truly serves the interest of the local farmers and growers, in particular, and the country’s food security, in general, it is within his power to immediately rescind the decision of the BOI to grant tax perks to CP,” So said in his previous statement.

“There are already existing domestic hog and poultry growers and there is no shortage of supply. We can’t understand why incentives were given to a foreign company when the government should be helping Filipino players instead,” So added.


Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Board of Investments , congressional inquiry , Philippine Senate , Thai food company




Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
  1. US teacher fired over comment on black president
  2. Enrile chief aide back in PH ‘to face charges’
  3. Filipinos, Dane re-enact crucifixion of Christ
  4. Magnitude-7.5 earthquake shakes Mexican capital
  5. Henares on Pacquiao bashing: I did not start this
  6. ‘No real progress in PH if dynasties not dismantled’
  7. Massive infra spending set
  8. More legal woes for Cedric Lee
  9. Easter crucifixions draw huge crowds
  10. Korea ferry captain arrested, divers spot bodies
  1. Kim Henares needs a reprimand, says Cayetano
  2. Suspect in Vhong Navarro mauling tries to leave PH
  3. More legal woes for Cedric Lee
  4. Fr. Suarez says last Mass on Easter before returning donated land to San Miguel
  5. ‘Mom, I love you,’ says text from student on sinking ferry
  6. MH370 co-pilot made mid-flight phone call – report
  7. ‘No real progress in PH if dynasties not dismantled’
  8. I’ll follow my conscience on Estrada, says JV Ejercito
  9. Massive infra spending set
  10. OFW brings MERS virus to Philippines
  1. KL confirms Malaysian Airlines Flight MH370 ended in Indian Ocean
  2. MRT passengers pass the hat for 6-year-old Ashley
  3. Rookie, lady cops lauded for quick response to MOA heist
  4. Model Helena Belmonte wished ‘to slash her wrist and hope to die’
  5. Malaysia averts another air tragedy; pilot lands troubled plane safely
  6. Revilla says he was joking; Lacson stands by his story
  7. Revilla ‘consulted’ Lacson on how he evaded arrest
  8. Police rule out foul play in Helena Belmonte’s death as boyfriend is ‘traumatized’
  9. Cudia, dismissed for lying, got 99% in conduct
  10. Hammer-wielding robbers cause chaos at Philippines’ Mall of Asia
Advertisement

News

  • Boko Haram leader claims Nigeria capital bombing
  • Russia promises support to ending Ukraine crisis
  • Busted valve delays water interruption
  • Cardinal Tagle decries human ‘commercialization’
  • Religion builds bridges in ethnically split Cyprus
  • Sports

  • Vettel hoping for resurgence at Chinese GP
  • MLB pitcher donates $100,000 for Sewol ferry victims
  • Hamilton takes pole at Chinese Grand Prix
  • Duke’s Rodney Hood joining Jabari Parker in NBA draft
  • Phelps entered in 3 events at comeback meet
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • Fiat-Chrysler to produce iconic Jeep in China from 2015
  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • 5 Filipinos with MERS in UAE reported in stable condition
  • PH boosts MERS monitoring after UAE nurse scare
  • Canadians back PH plea to take back waste
  • We treasure our Sierra Madre
  • Marketplace
    Advertisement