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| Photo from pna.gov.ph |
In line with the Duterte government’s initiative that aims to boost farm productivity, more than 30 South Korean firms have agreed to construct a Farm Equipment and Machinery Assembly plant in the Philippines in the following years.
Department of Agriculture (DA) Secretary Manny Piñol announced on Tuesday in his Facebook page saying, “The assembly plant is expected to be operational by late 2019 and will later be converted into a manufacturing facility.”
The move to establish a manufacturing plant is expected to entice young mechanical engineers and other skilled workers in the country for possible employment.
Korean Agricultural Machinery Industry Cooperative (KAMICO) President Shin – Gil Kim said their company is aiming to construct the 50 – hectare area Assembly Plant in Malvar, Batangas.
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| Photo from PNA |
KAMICO Representatives will meet with Batangas Governor Herminilando Mandanas along with DA Officials to tackle with the finalization of plant’s location.
“We will manufacture machinery and equipment designed for Philippine farms,” KAMICO President said, referring to heavy farming machineries and accessories.
Kim said a section of the 50-hectare Plant will become a mock – up farm which would utilize the locally – assembled farm equipment and machinery.
A Memorandum of Agreement was already signed by Kim along with DA Representatives for the establishment and operation of the ‘demo farm’ and R&D which will soon enhance the technical knowhow of Filipino workers.
Kim also said that 20 more South Korean firms are eyeing investments deals in the Philippines under the assembly and manufacturing sectors immediately within the next 2 years until 2020.
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| Photo from Businese Insider |
Rice Tariffication Bill On Final Reading
Meanwhile, the Bill seeking to replace the present quotas on Rice Importation prices, known as the Rice Tariffication Bill has passed the Senate’s 3rd and Final Reading last Wednesday, November 14, 2018.
Voting 14 – 0, the Bill aims to assist the local rice industry by providing the Rice Competitiveness Enhancement Fund or “Rice Fund.”
President Rodrigo Duterte classified the Bill as URGENT as it is expected to reduce rice prices to the market and help ease inflation.
About P10 Billion will be appropriated to the “Rice Fund” yearly within the next 6 years for rice – producing areas, rice seed development programs and credit assistance to farmers.
Should the annual tariff revenues exceed P10 Billion per year, the Bill indicates that excess revenues will be allocated by Congress to Rice Farmers for financial assistance.
A portion of the revenue will also be used for titling agricultural rice lands and establish crop insurance and diversification programs.
The method will be assessed after 3 years to identify the ‘success’ of interventions for farmers.
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Source: PNA
