Agriculture and Fisheries Modernization Extension

The Department of Budget and Management (DBM) is mandated to allocate at least PHP 17 billion annually until 2015 for the implementation of the modernization program.
This allocation is in addition to the Department of Agriculture's annual budget and is exempted from mandatory executive department imposed reserves.
Funding aims to improve the quality of life of farmers, fisherfolk, and others dependent on agriculture.
Additional funds may derive from several sources, including:
- 20% of the proceeds from the securitization of government assets such as Subic and Clark economic zones.
- 50% of the net earnings of the Public Estates Authority or its successor agency.
- Loans, grants, bequests, or donations from local or foreign sources.
- 40% of the TESDA Skills Development Fund.
- Net proceeds from privatization of various agricultural government assets.
- Proceeds from Minimum Access Volume under RA No. 8178.
- Portions of duties collected from agricultural imports under relevant laws.
- 50% of the Support Facilities and Services Fund under RA No. 6657.

This Act took effect fifteen days after its publication in the Official Gazette or in two newspapers of general circulation, whichever came first.

The law extends and strengthens tax incentives for agriculture and fisheries to encourage modernization and growth.
It ensures stable and substantial funding support is continuously available for agriculture and fisheries development.
Coordination among various government agencies is mandated for certification and rule-making.
The law integrates multiple funding sources to sustain modernization efforts beyond regular appropriations.