Economists have expressed their support for the tree-growing agreement bill filed in both houses of Congress to increase the country’s forest cover and mitigate disasters caused by floods and heavy rainfall.
The Foundation for Economic Freedom said the bills filed by Senators Imee Marcos and Cynthia Villar as well as Reps. Joey Salceda and Rufus Rodriguez could mitigate the negative effects of climate change.
“The proposed law will contribute to generating green jobs, providing a sustainable source of livelihood for the indigenous peoples such as the Lumads, and other rural poor upland dwellers, ensuring water and energy security, supporting the agriculture sector for food security,” the economists said.
“[The bill will also contribute to] reviving the country’s forest and wood industry, boosting forest ecotourism, and effectively mitigating the adverse effects of climate change such as destructive typhoons, severe flooding, and landslides,” they added.
The core feature of the proposed bill is to treat planted trees as crops and personal
property in forestlands under the law. By treating planted trees as personal property, the state will encourage private sector investments in tree farming and plantation development on an estimated 5 million hectares of unmanaged and denuded forest lands.
If planted trees in farms and plantations are legally treated as personal property, they can be collaterized, securitized, and have agreements beyond the 50-year limitation on the exploration, development and utilization of natural resources under the Constitution.
Moreover, if planted trees are renewable, harvestable, and no longer considered part of the land, foreign funds can also be tapped for the sustainable development and management of tree farms and plantations.
“There is an urgent need, therefore, to boost the private sectors’ participation in tree farming and plantation development, and effective reforestation of the country’s degraded forest lands,” they added.
Based on Bulletin No. 7 of the Department of Agriculture, typhoon “Paeng” wrought damages amounting to P2.86 billion and affected 80,295 farmers and fishers.
The typhoon caused a volume of production loss of 116,291 metric tons (MT) and 86,574 hectares of agricultural areas.
Affected commodities include rice, corn, high value crops, fisheries, livestock and poultry. Damage has also been incurred in agricultural infrastructures, machineries and equipment. These values are subject to validation.