THE American Chamber of Commerce of the Philippines has called on the government to remove foreign investment restrictions in the rice and corn industry if it wants to boost farm productivity.
PD No. 194 authorized the then-National Grains Authority to admit foreign investment in case of “urgent need” if the entry of the foreign investor is not likely to create a monopoly. The NGA was also tasked with overseeing the transfer of at least 60% ownership to Filipinos over a period it deems suitable.
In May, President Ferdinand R. Marcos, Jr.’s sister, Senator Maria Imelda Josefa Remedios R. Marcos, filed a bill amending PD No. 147.
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