The private sector has urged the institutionalization of crop insurance and increase in agricultural land ownership by Filipinos to 25 hectares to ensure that the agriculture sector is bankable and attractive to investors.
Philippine Chamber of Commerce and Industry President George T. Barcelon made his point at the forum on the Philippine Development Plan 2023-2028, which was keynoted by President Ferdinand R. Marcos Jr. and attended by his department heads.
In addition, Barcelon said they have requested the legislators to amend the Agrarian Reform Law and increase the limit on land ownership by five times from the current five hectares to 25 hectares. The increased hectarage should allow investors enough leeway to invest in agricultural production as a five- hectare lot is too small for large track agricultural venture that requires mechanization and innovation.
“Every year we add more than one million young people into the workforce, that is what we hope in the PDP that industry has the absorptive capacity to hire these young people,” he added.
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