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Sec. Lopez lauds Senate approval PH-EFTA Free Trade Agreement
Pasay City—Trade Secretary Ramon Lopez hailed the ratification of the Senate of the Philippines-European Free Trade Association Free Trade Agreement (PH-EFTA FTA) during its third reading last 05 March 2018. “The PH-EFTA FTA is in line with President Rodrigo Duterte’s strategy of pursuing trade relations with non-traditional as well as high potential trade partners. With this ratification, the Philippines will benefit from expanded trade engagements with non-EU members even as it gives us greater access to the European market,” said Sec. Lopez. The agreement will allow duty-free market access between the Philippines and the EFTA member states (Iceland, Liechtenstein, Norway, and Switzerland) to trade products and services and facilitate investments. Sec. Lopez said: “While there’s a large potential to expand our trade and investment relations with EFTA, the FTA also capitalizes on it since trade goods between the Philippines and EFTA are non-competing.” The FTA benefits the PH especially in exporting agricultural, industrial, and fishery products. Once the FTA is in place, EFTA will grant duty-free market access to all industrial and fishery products from PH. PH will also gain tax incentives on agricultural products, particularly those (1) that are currently being exported to the EFTA Member States such as desiccated coconut, prepared or preserved pineapples, and raw cane sugar; (2) with high potential export interest, including those exported to neighboring European countries, which can be alternatively exported to EFTA countries. “This will improve the country’s market share vis-à-vis the other ASEAN countries in the EFTA market. The Philippines can take the opportunity to position itself as EFTA’s primary import source of these products,” said Senator Loren B. Legarda,... read moreDTI, DPWH join forces to boost infrastructure development in CALABARZON
The Department of Trade and Industry Region and Department of Public Works and Highways Region in CALABARZON Region recently conducted a Regional Orientation for the Roads Leveraging Linkages of Industry and Trade (ROLL-IT) Program to facilitate efficient and coordinated efforts among the two Departments to identify, prioritize, and implement road access infrastructure leading to various industries and economic zones in a technically-correct and politically-participative process with input and support from the business and civil society, as well as, local government units (LGUs). The Roads Leveraging Linkages for Industry and Trade or ROLL IT Program aims to further the growth of investments and other economic activities in the country through more road projects leading to manufacturing and economic zones. DTI CALABARZON was tasked to identify potential industry road projects using the Road Leveraging Linkages Evaluation Rating System (ROLLERS)—identification, importance, necessity, and implementability/readiness. “DTI and DPWH joined forces to address the damaged and impassable roads leading to industries and trade development cities and towns in CALABARZON because we aim to have inclusive economic growth,” said DTI CALABARZON Director Marilou Toledo. Launched in November 2016, the two government agencies signed a memorandum of agreement (MOA) for the ROLL IT project implementation on road connectivity for industry and trade development. Under the agreement, DTI will identify areas where industry sectors need road facilities and connectivity. For 2018, ROLL IT has 229 total approved projects nationwide, with estimated number of 502.1 kilometers amounting to P12.5 billion. In CALABARZON, there are eight ROLL IT projects amounting to P479 million in the following areas namely, Dasmarinas, Cavite; Cabuyao City, Laguna; Lopez, Quezon; Alabat, Quezon; Guinayangan, Quezon;... read more