Socio Economic Study

Topics: Income tax, Taxation, Employment Pages: 2 (253 words) Published: August 20, 2014
Socio – Economic Benefits
As part of the agricultural sector, the banana industry also ensures that it contributes to the protection of the environment through the observance of globally accepted practices and abiding by Philippines laws.

Furthermore, the industry also makes positive impact on the cultural political aspects through:

Minimized contact with the influence insurgency;
Improved peace and order situation;
Effective local governance;
Integration of indigenous people (e.g. Bagobo, Manobo, Muslim) into mainstream society; and Better understanding of cultures.

The Banana industry’s impact on the economy includes:

Provision of employment (minimum wages, job security);
Development of related industries (transport, food, consumer goods, entertainment); Increased income opportunity (cash crop, i.e. corn, rice, firewood gathering vs. employment); Prompts improved infrastructure support from government and private organizations; Increased tax collection for local government.

In terms of social impact, the industry helps provide:

Basic needs through the availability of food, housing, clothing, and employment; Education increased number of students;
Health care availability of institutional care;
Migration back to family instead of having to look for livelihood elsewhere; Equal opportunity for women and indigenous people; and
Fewer occurrences of domestic and juvenile related crime and conflicts.

The Philippine banana industry is the 5th largest export industry in the country and the 2ndbiggest in Mindanao. In terms of local tax contribution, the industry remitted about PhP389 Million worth of local taxes in 2008, including Business Tax, Real property tax, Residence Certificates of Employees, withholding tax of employees, withholding tax at source, and Income.
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