Agriculture and Fisheries Modernization Act of 1997

The Agriculture and Fisheries Modernization Act (AFMA) (RA 8435) is a comprehensive legislation that provides blueprint for the sector’s modernization and rural development in the Philippines.

History

The landmark Agriculture and Fisheries Modernization Act (AFMA), or Republic Act 8435, was signed into law in December 1997 by former President Fidel V. Ramos. AFMA focuses on five (5) major concerns: poverty alleviation and social equity, food security, global competitiveness, sustainable development, and income profitability especially for farmers and fisher folks.

Trade and fiscal incentives are provided under AFMA. Section 109 of RA 8435 provides that all enterprises engaged in agriculture and fishery duly certified by the Department of Agriculture in consultation with the Department of Finance and the Board of Investments (BOI) shall, for five (5) years be exempted from the payment of tariff duties.

References
    1. "THE AGRICULTURE AND FISHERIES MODERNIZATION ACT OF 1997". Philippine Tariff Commission. 2007. Retrieved 4 April 2013.
    2. "Chapter 7 MODERNIZING AGRICULTURE AND FISHERIES". National Economic and Development Authority. Archived from the original on 8 January 2009. Retrieved 4 April 2013.
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