Manila, Philippines – The National Economic and Development Authority (NEDA) Board, chaired by President Ferdinand R. Marcos Jr., has approved the issuance of an executive order (EO) for the Philippines-Korea Free Trade Agreement (PH-KR FTA) and greenlighted two significant infrastructure projects aimed at boosting agricultural productivity and regional connectivity.
NEDA announced in a statement that the EO will outline the country's tariff commitments under the PH-KR FTA. Signed on September 7, 2023, during the 43rd ASEAN Summit in Jakarta, Indonesia, the PH-KR FTA seeks to strengthen economic ties between the two nations 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, representing USD3.18 billion or 87.4 percent of total Korean imports from the Philippines.
In addition to the EO, the NEDA Board approved the PHP37.5-billion Ilocos Norte-Ilocos Sur-Abra Irrigation Project (INISAIP) spearheaded by the National Irrigation Administration.
The project encompasses the construction of an earth and rockfill dam across the Palsiguan River in Abra, an afterbay dam in Nueva Era in Ilocos Norte, and a network of interconnected irrigation canals to serve 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," stated NEDA Secretary Arsenio Balisacan.
Furthermore, the NEDA Board approved the PHP25.7-billion Accelerated Bridge Construction Project for Greater Economic Mobility and Calamity Response (ABC Project) under the Department of Public Works and Highways.
The project aims to enhance 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 adjustments to the parameters of five ongoing projects, including 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," concluded Balisacan.
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