Noy signs Sugarcane Law

BACOLOD City, Philippines – President Aquino signed the Sugarcane Law last Friday, according to Negros Occidental Rep. Alfredo Benitez.

Benitez, author of the bill’s House version, said Executive Secretary Paquito Ochoa Jr. confirmed the signing as they expressed gratitude for the President’s support.

“It’s a great blessing to the sugar industry,” Benitez said, adding that the implementing rules and regulations of the measure will soon come out.

Under the Sugarcane Law, the sugar industry will be allocated a yearly P2-billion budget.

Fifty percent of the amount will go to infrastructure; 15 percent to farmer-beneficiaries for block farming; 15 percent to socialized credit; 15 percent for shared empowerment of sugar farmers and research, and five percent for scholarship programs.

The law will provide the sugar industry protection against the impact of the lowering of the tariffs on imported sugar by this year as provided in the ASEAN free trade area-common effective preferential tariff scheme.

It also aims to enhance and promote the development of the sugarcane industry through diversification, comprehensive regulation and guaranteed sources of financing.

Negros Occidental produces about 60 percent of the country’s sugar output.

President Aquino’s family also owns a sugar plantation, Hacienda Luisita, located in the province of Tarlac.