Stock Markets

Arms industry expects gun law amendments to unlock growth

PHILSTAR FILE PHOTO

FIREARMS manufacturers and dealers said they support amendments to an 11-year-old law to unlock growth in the industry.

“By amending Republic Act (RA) No. 10591, we are not simply adjusting regulations, we are empowering an industry that can generate significant economic returns, provide employment and support innovation,” said Alaric Alexander J. Topacio, comptroller for the Association of Firearms and Ammunitions Dealers, during a House of Representatives hearing.

RA 10591 is also known as the Comprehensive Law on Firearms and Ammunition.

The House public safety and order committee held its first hearing on bills seeking to rationalize RA 10591, which regulates the manufacturing, import, and export of firearms.

Sta. Rosa City Rep. Danilo S. Fernandez, who heads the House public safety panel, formed a technical working group to consider the possibility of consolidating three separate bills seeking to amend the firearms law.

“We must support industries that can offer stability and growth. The firearms sector, with its potential to expand domestically and internationally, should be recognized as a key player in our economic strategy,” Mr. Topacio said.

President Ferdinand R. Marcos, Jr. signed into law in October the Self-Reliant Defense Posture Act, which seeks to “fully harness the potential of the defense industry.”

“This (firearms) industry has the capacity to generate thousands of jobs… and contribute to our economic development,” Mr. Topacio said.

He urged legislators to amend the law in a manner that effectively “addresses the root causes of illegal firearms trafficking, while supporting responsible gun ownership.”

The Philippines is among the least gun restrictive countries in Southeast Asia partly due to cultural influences from the American occupation. The national police, which regulates gun ownership in the country, allows Filipinos to own high-powered rifles.

Police General Ericson D. Dalig said there are about 2.7 million registered firearms in the country, while the count for “loose firearms” is more than 545,000.

“We have around 545,742 firearms that can be categorized as loose firearms (as) they cannot be renewed anymore because (their permits) were revoked,” he told legislators. — Kenneth Christiane L. Basilio

You May Also Like

Stock Markets

The First Philippine Polymer Banknote Series is composed of the 1000-piso polymer banknote, as well as new polymer denominations: 500-, 100-, and 50-piso. —...

Finance

Homebase is set to return in a slimmed-down format after the DIY chain’s collapse last month, with its new owner CDS confirming plans to...

Stock Markets

When it comes to providing accommodations that have all the makings of a second home in the best Philippine destinations, Astoria Hotels and Resorts...

Stock Markets

No plan? No problem, as Absolut Vodka & SPRITE transforms the Philippines pulling off for the ultimate, unplanned hangout — celebrating the arrival of...

Exit mobile version