THE British Chamber of Commerce Philippines (BCCP) backs the passage of Senate Bill (SB) 2432 or the "Anti-Agricultural Economic Sabotage Act," adding that the law will contribute to lower inflation rate.

The BCCP reiterated its support for the approval of the law, which strengthens the surveillance on illegal trade and introduces strict measures in dealing with it.

It added that the law will play a crucial role in enhancing the domestic agricultural industry and safeguarding consumers against unjust prices resulting from smuggling, hoarding and profiteering.

"[The] British Chamber believes that its passage will contribute to the continuous decline of inflation rate and ensuring food security in the Philippines, especially with the current challenge of El Niño phenomenon," the chamber said in a statement on Tuesday.The BCCP also expressed its commitment to prolong the reduced tariffs as stated in Executive Order 50 issued by President Ferdinand Marcos Jr. in December last year."What we're seeing is we strongly believe in supporting the agricultural sector. In that context, we do also reiterate the need to pass the Anti-Agricultural Economic Sabotage Act, which is a priority of the government," said BCCP Executive Director and Trustee Chris Nelson.The bill amends Republic Act 10845, or the "Anti-Agricultural Smuggling Act of 2016."

In 2023, the Marcos administration highlighted it as one of its top 20 legislative priorities and the British Chamber hopes for the bill to be enacted urgently.

The proposed bill imposes harsh penalties for illegal activities such as smuggling, hoarding, profiteering, and forming cartels within the agricultural and fishery sectors.

It also aims to protect consumers against economic manipulation, preserve farmers' livelihoods, and improve tax and duty collection.

Agricultural smuggling, hoarding, profiteering, and cartel formation would be classified as economic sabotage if the value of each involved product reached at least P1 million.

"Its passage remains part of the BCCP 2024 wishlist to reinforce a stronger agricultural sector in the Philippines with increased collaborative efforts with the Department of Agriculture, the UK Agriculture & Horticulture Development Board, and other concerned agencies," said the BCCP.