The National Economic and Development Authority (NEDA) The board on Tuesday approved two projects worth P63.2 billion, and the issuance of an executive order (EO) will apply the tax commitments under the Philippines-South Korea free trade agreement.
The EO will address Manila’s tax obligations under the Philippines-South Korea Free Trade Agreement (FTA), which was concluded in September last year, NEDA Secretary Arsenio M. BaliSacan said in a statement.
South Korea is the third largest source of goods for the Philippines, worth $989.72 million or 8.3% of Philippine imports in October this year, the Philippine Statistics Authority reported earlier this month.
Seoul is also the sixth largest export destination in the Philippines.
Total trade between the two countries reached $12 billion last year.
Mr. Balisacan said that once the FTA takes effect, South Korea will grant duty-free entry to 11,164 Philippine products worth $3.18 billion.
These products account for 87.4% of South Korea’s total imports from the Philippines, he added.
Mr. Balisacan said the Philippines-South Korea FTA will help Manila face its lackluster trade competitiveness in the region and “secure special concessions” than those currently available under the ASEAN-Korea FTA and the Regional Comprehensive Economic Partnership Agreement, called. the largest FTA in the world.
The FTA was signed by two countries out of 43rd ASEAN Summit in Jakarta, Indonesia in September 2023. The Philippine Senate approved the agreement in September of this year, while the National Assembly of South Korea gave the green light last month.
Meanwhile, the NEDA Board, chaired by President Ferdinand R. Marcos, Jr., also gave the green light to the Ilocos Norte-Ilocos Sur-Abra Irrigation Project. of Ilocos Norte-Ilocos Sur-Abra, its chairman, “to promote agricultural production and water management. three states,” according to Mr. Balisacan.
The project, which will irrigate up to 14,672 hectares of agricultural land during the wet season and 13,256 hectares during the dry season, includes the construction of an earth dam and rockfill across the Palsiguan River in Abra, an afterbay dam in Nueva Era in Ilocos Norte, and and various interconnected irrigation canals that serve as major irrigation systems.
“In addition, the project plans to include renewable energy components, such as hydroelectric power plants and a solar farm, through public-private partnerships,” said NEDA.
The board also approved the Department of Public Works and Highways (DPWH) P25.7-billion Greater Economic Mobility and Calamity Response Bridge Construction Project, which aims to improve connectivity and disaster response by building 29 bridges nationwide.
The project, financed by an official development aid loan from the French government, is divided into two parts, the first of which consists of seven long bridges and is scheduled to be implemented from January 2025 to December 2029.
The second phase, which includes 22 bridges to deal with disasters, will be used from January 2025 to December 2027.
Meanwhile, the NEDA Board approved the adjustment of various parameters for five ongoing projects, namely:
• Value Chain Innovation for Sustainable Transform in Agrarian Reform Communities of the Ministry of Agrarian Reform;
• Health System Development to Prepare and Contain the Ministry of Health’s COVID-19 Project;
• Panglao-Tagbilaran City Offshore Connector Project of DPWH;
• Metro Manila Interchange Construction Project, DPWH Phase VI; again
• North-South Commuter Railway System Project – Malolos-Clark Railway Project, Sector 1 of the Department of Transportation.
Projects that have seen changes in project scope, fees, partial loan cancellations, and extensions of the implementation period and validity of the loan.
Also, NEDA reported the completion of the Arterial Road Bypass Project Phase III (Plaridel Bypass) and the Panguil Bay Bridge.
“Through these investment programs and infrastructure, we are improving communication to improve economic opportunities and ensure that progress reaches all regions of the country,” said Mr. Balisacan. – Kyle Aristophere T. Atienza
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