Marcos pledges to enhance PH trade and industry standards

President Ferdinand Marcos Jr. FILE PHOTO

MANILA, Philippines — President Ferdinand Marcos Jr. on Monday vowed to further improve the country’s trade and industry standards through various trade and investment frameworks.

Marcos made the pronouncement during the Philippine Strategic Trade Management (STM) Summit 2024 in Taguig City, the first time the country hosted the forum.

“We will continue to upgrade industry standards, modernize regulations, and further establish linkages through various trade and investment frameworks such as the Asean (Association of Southeast Asian Nations, Asia Pacific Economic Cooperation, Regional Comprehensive Economic Partnership, the Indo-Pacific Economic Framework for Prosperity, all these so that we can see a more competitive region in the future,” Marcos said in a speech.

“One country cannot do this alone. Each of us, no matter the race, the color, or belief has a clear stake in building a more secure and prosperous world,” he added.

According to Marcos, the Philippines has already launched a strategic investment plan focused on developing key industries, empowering the country to secure a better position in the global market.

“We have developed policies that require individuals and entities engaging in STMA-covered activities to register and to receive authorization to deliver their services,” he said.

“We have also implemented programs to educate not only the border control and import/export officers in fulfilling their responsibilities but also stakeholders to properly comply with our rules and our regulations,” he added.

Furthermore, he noted that the government has already started conducting post-authorization audits, compliance checks, and consultations through monitoring and inspection activities.

Meanwhile, in recognizing the event, Marcos marked the STM Summit as a milestone not only for the Philippines but for the rest of the Asean region as it brought together not just Southeast Asian nations together, but also different countries such as the US and Japan.

READ: Marcos admin expanding free trade deals

Around 300 delegates from various local and international organizations attended the forum, led by Trade and Industry Secretary Ma. Cristina Aldeguer-Roque, Foreign Affairs Secretary Enrique Manalo, and US Ambassador to the Philippines MaryKay Carlson.