April 4, 2024

 

Philippines proposes senate bill to boost corn industry

The Philippines introduces Senate Bill (SB) 2625, aimed at enhancing the competitiveness and expansion of the country's corn industry, aligning with the country's Livestock, Poultry, and Dairy Industry Development Act's objectives, Philippine News Agency reported.

 

Senator Cynthia Villar, the bill's author, said the government needs to strengthen the corn industry, which plays a crucial role in supporting the livestock and poultry sectors.

 

Villar highlighted that livestock feed relies heavily on inputs such as corn, wheat, and soya, constituting approximately 40% to 60% of animal feed.

 

With an annual deficit of 3 to 5 million metric tonnes (MT) of corn, the Philippines seeks to address challenges facing the yellow corn industry, despite its significant contributions to the combined corn-livestock-poultry sector, which accounted for 27.17% of gross value added in agriculture in 2023.

 

The sector offers livelihood opportunities to over 1.28 million corn farmers, 2.8 million livestock and poultry farmers, and numerous industry stakeholders.

 

To support the industry, SB 2625 proposes the establishment of the Corn Competitiveness Enhancement Fund, alongside the annual regular budget.

 

Over a decade, the Corn Fund will receive an annual PHP 3 billion (US$53.1 million) allocation, sourced from tariff collection on imported corn, feed wheat, feeds, and related products.

 

Villar outlined that 80% of the corn fund will be allocated for yellow corn development, with the remaining 20% designated for white corn and other indigenous corn varieties.

 

Despite progress in yellow corn production, with an average increase of 4.2 metric tonnes per hectare from 2018 to 2022, the Philippines aims to bolster its position, currently ranking 8th among Asian neighbours in yellow corn production.

 

-      Philippine News Agency