Solon says tax breaks granted to Thai firm may kill local hog industry
ZAMBALES Rep. Mitos Magsaysay said that the government should look out for the local hog industry and reassess its decision to grant tax incentives for the P2.3 billion integrated farm project of Thai company Charoen Pokphand Foods Philippines Corp. (CPFPC).
“While it is well and good that the BOI is trying to bring in investments to the country but this should not result in the death of the local industries,” she said.
Magsaysay said that the tax breaks given to the Thai firm will give the foreigners unfair advantage over local livestock growers as the lowered expenses will enable them to lower the cost of their products in the local market as well.
The congresswoman lamented learning that the Department of Agriculture was not properly consulted on the matter.
“In as much as we are tightening our watch over the entry of imported goods in the market to protect local industries, and to even the playing field for all industry players, this should be the same case with the granting of incentives. We want to boost the economy through foreign investments and there is nothing wrong with that, but why would we give incentives to foreign firms that would kill the local industries? Would this not defeat the purpose of gunning for a developed economy?”