Stakeholders of Senate Bill No. 1347, authored by Senator Richard J. Gordon, expressed support for the measure proposing to amend the charter of the Philippine International Trade Corp.in order to establish a strategic and critical stockpile program in the Philippines.
Trade and Industry Secretary Ramon Lopez lauded Gordon for proposing the bill as it is very timely with the increasing number of confirmed cases of Covid-19 in the country that caused the shortage of face masks, alcohol and sanitizers, among other supplies.
“It’s an excellent bill. My reacrion here is that this is long overdue. We need this for a long time. We are thankful Senator Gordon thought of enacting this into law.This is really very important because now, nafi-feel natin iyong importansya niya,” Lopez said.
The DTI head also said that one of the significant features of the bill that he supports is the proposal to have local manufacturers that will provide the goods that are to be placed in various warehouses across the country.
“The other good thing about the bill is its promotion of domestic capacity. In other words, let us develop domestic capacity here for at least we create the investments and local jobs, and take more opportunities. Ang ganda noong bill and we fully support it,” Lopez added.
Under the bill, the PITC, an attached agency of DTI, will be the designated unit that will handle the stockpiling.
During the Senate hearing on March 10, PITC president and chief executive officer Dave Almarinez said, “We’re very happy and we’re very enthusiastic about this bill since this would address our needs,” he said.
In case of emergencies, we are well prepared and we will get critical materials. We’re ready to take the challenge,” he said.
The Land Bank of the Philippines, which will provide the funding for the program also expressed support for the measure. As Nicole Andrew Santos of LBP explained, the bill may help ensure supply and price stability in various goods while the global value chain is strengthened.
“The bank sees the proposed provision as an opportunity to the bank to create synergies with PITC and play complementary roles in supporting the entire agribusiness food chain,” he said.