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PH-Korea free trade deal approved by NEDA Board

Manila Times - 18 December 2024

PH-Korea free trade deal approved by NEDA Board
By Niña Myka Pauline Arceo

The National Economic and Development Authority (NEDA) Board on Tuesday approved the issuance of an executive order (EO) implementing the Philippines-Korea Free Trade Agreement (PH-KR FTA) along with two major infrastructure projects collectively worth P63.2 billion.

The EO will cover tariff commitments under the trade deal, which was signed on Sept. 7, 2023, during the 43rd Asean Summit in Jakarta, Indonesia, the NEDA said in a statement.

"[T]he PH-KR FTA aims to strengthen economic relations between the two countries by facilitating trade and investment flows, removing barriers to market access and creating new business and investment opportunities," it added.

Under the deal, Korea will grant duty-free entry to 11,164 Philippine products, accounting for $3.18 billion or 87.4 percent of total Korean imports from the Philippines.

The enhanced market access and preferential concessions under the deal surpass those currently offered under Association of Southeast Asian Nations-Korea FTA and the Regional Comprehensive Economic Partnership, the NEDA said.

The NEDA Board, which is chaired by President Ferdinand Marcos Jr., on Tuesday also approved the P37.5-billion Ilocos Norte-Ilocos Sur-Abra Irrigation Project, which will improve agricultural productivity and water management across three provinces.

The project, led by the National Irrigation Administration, will irrigate up to 14,672 hectares of farmland during the wet season and 13,256 hectares during the dry season.

This also includes the construction of an earth and rockfill dam across the Palsiguan River in Abra, an afterbay dam in Ilocos Norte and a network of irrigation canals.

Renewable energy solutions, including hydroelectric power plants and a solar power farm, will be integrated through a public-private partnership, the NEDA said.

Socioeconomic Planning Secretary Arsenio Balisacan, who is vice chairman of the NEDA Board, said that over the six-year implementation period, the irrigation project "will benefit approximately 32,604 families, significantly improving their livelihoods and fostering sustainable economic development in the Ilocos and Cordillera regions."

Also approved was the P25.7-billion Accelerated Bridge Construction Project for Greater Economic Mobility and Calamity Response (ABC Project) under the Department of Public Works and Highways (DPWH).


 source: Manila Times