Govt urged to cut agri insurance tax

Sumary of Govt urged to cut agri insurance tax:

• The government should slash the onerous tax of 26 percent to 27 percent on nonlife and agriculture insurance premium, an agri-finance expert said, stressing that the current policy hinders the entry of cash-rich private sector investors that can significantly accelerate rural farm activity through financing..
• Alip is chairman emeritus and pioneering founder of the country largest microfinance firm CARD MRI (Center for Agriculture and Rural Development Inc.-Mutually Reinforcing Institutions)..
• The agri-financing expert, who is also a 2008 a Ramon Magsaysay awardee, stressed that microinsurance plays a significant role in boosting private sector investment in micro-financing or in extending loans to small farmers..
• In a country like the Philippines, insurance or a loan guarantee is critically important in financing the marginalized farmers, in enabling them to get out of poverty, according to Alip….

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From The Manila Times - 09/04/2021