THE livestock industry could soon have access to P20 billion in funding once an animal industry development law comes into force, a Department of Agriculture (DA) official said.
“On the 28th (of September) if the President will not sign, the livestock bill will become law. It’s P20 billion annually from the government, which the private sector might want to consider co-investing in,” Agriculture Undersecretary Asis G. Perez said at the Arangkada Philippines investment forum on Thursday.
Senate Bill No. 2558, or the proposed Animal Industry Development and Competitiveness Act, calls for the government to subsidize the interest on loans for livestock projects.
Mr. Perez said eligible industries for funding are livestock, poultry, and dairy.
Congress has approved the bicameral conference committee report on the proposed law, which is currently awaiting the signature of President Ferdinand R. Marcos, Jr.
In the second quarter, livestock output as measured by value of production fell 5.9% to P59.6 billion, accelerating the year-earlier decline of 0.3% and the 2.8% drop in the first quarter.
Overall, the value of production of agriculture and fisheries at constant 2018 prices rose 6.7% to P437.53 billion, accelerating from 2% in the first quarter and reversing the year-earlier decline of 3.2%.
Mr. Perez said agriculture remains marginalized, highlighting the need for more investment.
He said that the current administration has created a framework for development in agriculture focused on improving agro-fisheries performance and mechanization. — Sheldeen Joy Talavera