MANILA – The Department of Trade and Industry (DTI) is banking on trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP), to further stimulate the country’s econmy, as a significant share of the Philippines’ trade and foreign direct investment comes from RCEP member nations.
During the recently concluded Philippine Economic Briefing held in Pasay City, Department of Trade and Industry (DTI) Secretary Fred Pascual emphasized the importance of free trade agreements and cooperation among nations to stimulate growth among different economies.
"We at the DTI are charting a course to ensure the Philippines continues its impressive economic growth trajectory. By deepening our economic partnerships, aggressively promoting our exports, and unlocking the untapped potential of our local industries, we are confident that the Philippines will solidify its position as a significant player in the global market,” said the DTI chief.
According to the DTI, RCEP is considered as the world’s largest free trade area led by the Association of Southeast Asian Nations, and unifying preceding agreements with major economies like Australia, China, Japan, Korea and New Zealand.
It aims to streamline the region's business environment and bolster its resilience against emerging economic challenges, the DTI added.
Secretary Pascual also underscored the importance of such FTAs because it offers crucial support for services, investments, intellectual property, e-commerce, and micro, small and medium-sized enterprises.
While acknowledging its benefits, Pascual recognizes concerns about a potential surge in imported goods following RCEP’s implementation.
“To address this, the Department has proactively implemented the Import Surge Monitoring System,” the DTI stated.
Launched in May 2023, the system tracks import volumes of sensitive industrial products, allowing the DTI to identify potential threats to local manufacturers, as well as push for trade remedies or policy interventions to ensure a level playing field, the DTI explained.
L-R: Moderator Sarah Murphy, DA Undersecretary Asis Perez, Secretary Frederick Go, DTI Secretary Fred Pascual, Private Sector Advisory Council Member Ms. Rizalina Mantaring, Private Public Partnership Center Executive Director Ma. Cynthia Hernandez (Photo and caption courtesy of DTI)
Meanwhile, DTI is fostering the growth of promising sectors with high export potential, such as the Halal industry.
According to the DTI, a dedicated Halal Task Force was formed to tap the industry’s potential through strategic initiatives, prioritizing building partnerships with Halal-driven economies, and establishing a network of reputable certifying bodies.
With the strategic efforts to develop local industries for exports, Secretary Pascual leveraged the Philippines primed to become a key player on the global stage.
“By forging strategic partnerships, the DTI is opening doors for Philippine exports to enter global value chains and access new markets. This, coupled with our focus on developing world-class Filipino products and services, strengthens the Philippine economy's long-term resilience,” the trade chief said.
