Neda Board approves issuance of EO on PH-Korea free trade deal
MANILA, Philippines — The National Economic and Development Authority (Neda) Board greenlit the issuance of an executive order that would fulfill the Philippines’ commitments under its free trade agreement (FTA) with South Korea, putting the implementation of the deal on track despite the ongoing political turmoil in Seoul.
The Board, chaired by President Ferdinand Marcos Jr., backed the release of the upcoming EO, which will cover the Philippines’ tariff commitments under the FTA with Korea.
Signed in September 2023, Neda said the 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.
Upon implementation of the agreement, Korea will grant preferential duty-free entry on 11,164 Philippine products, accounting for $3.18 billion or 87.4 percent of total Korean imports from the Philippines.
The Philippine Senate ratified the FTA earlier on September 23, while the South Korea parliament approved it just last month.
Article continues after this advertisementBoth sides are now scrambling to complete the requirements for the FTA before the year ends, unfazed by the recent political drama in Korea that saw the impeachment of its leader.
Article continues after this advertisementOther projects
Apart from the EO, Marcos, acting as chair of the Neda board, also approved two projects worth P63.2 billion to enhance agricultural productivity and regional connectivity.
The Board also greenlit the P37.5-billion Ilocos Norte-Ilocos Sur-Abra Irrigation Project (INISAIP) of the National Irrigation Administration.
The project is set to improve agricultural output and water management across the three provinces, irrigating farm lands up to 14,672 hectares during the wet season and 13,256 hectares during the dry season.
The INISAIP includes the construction of an earth and rockfill dam across the Palsiguan River in Abra, an afterbay dam in Nueva Era in Ilocos Norte, and various linked irrigation canals serving as major irrigation systems.
The Neda Board also approved the P25.7-billion Accelerated Bridge Construction Project for Greater Economic Mobility and Calamity Response (ABC Project) of the Department of Public Works and Highways.
The initiative — financed with an official development assistance loan from the French government — aims to improve connectivity and disaster resilience by constructing 29 bridges nationwide.
