The National Economic and Development Authority (NEDA) Board chaired by President Ferdinand R. Marcos Jr., approved on Tuesday the issuance of an executive order (EO) for the Philippines-Korea free trade agreement, and two infrastructure projects that will enhance agricultural productivity and regional connectivity.
In a statement, the NEDA said the EO will cover the country’s tariff commitments under the Philippines-Korea Free Trade Agreement (PH-KR FTA).
Signed on Sept. 7, 2023 during the 43rd ASEAN Summit in Jakarta, Indonesia, the PH-Korea 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.
Under the agreement, Korea will grant preferential duty-free entry on 11,164 Philippine products accounting for USD3.18 billion or 87.4 percent of total Korean imports from the Philippines.
Aside from the EO, the NEDA Board also approved the PHP37.5-billion Ilocos Norte-Ilocos Sur-Abra Irrigation Project (INISAIP) of the National Irrigation Administration.
The project 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.
“With a six-year implementation period, INISAIP will benefit approximately 32,604 families, significantly improving their livelihoods and fostering sustainable economic development in the Ilocos and Cordillera regions,” said NEDA Secretary Arsenio Balisacan.
The NEDA Board also approved the PHP25.7-billion Accelerated Bridge Construction Project for Greater Economic Mobility and Calamity Response (ABC Project) of the Department of Public Works and Highways.
The project aims to improve connectivity and disaster resilience by constructing 29 bridges nationwide.
Financed through an Official Development Assistance (ODA) loan from the French government, the project is divided into two components.
Component 1, comprising seven long bridges, is scheduled from January 2025 to December 2029. Component 2, consisting of 22 calamity response bridges, will run from January 2025 to December 2027.
The Board also approved the adjustments to the parameters of five ongoing projects which include the Value Chain Innovation for Sustainable Transformation in Agrarian Reform Communities; Health System Enhancement to Address and Limit COVID-19 Project; Panglao-Tagbilaran City Offshore Bridge Connector Project; Metro Manila Interchange Construction Project, Phase VI; and the North-South Commuter Railway (NSCR) System Project – Malolos-Clark Railway Project, Tranche 1.
“Through these investment and infrastructure initiatives, we are advancing connectivity to enhance economic opportunities and ensure that progress reaches all regions of the country,” Balisacan said. (PNA)
