Senate concurs with PH-South Korea free trade deal

Metro Manila, Philippines — The Senate has concurred with the free trade agreement (FTA) with South Korea, clearing the way for a larger market for Philippine products including fruits.

Under the FTA, South Korea will remove tariffs on 94.8% of Philippine products, while the government will reciprocate with 96.5% of Korean products.

“The agreement aims to manage competitive exclusion vis-à-vis Association of Southeast Asian Nations (ASEAN) competitors, encourage more foreign direct investments, and secure more preferential concessions than those currently available to the Philippines under the ASEAN-Korea Free Trade Agreement and the Regional Comprehensive Economic Partnership Agreement,” the Senate committee on foreign relations wrote in its resolution.

“The Philippines, through the agreement, will expand its FTA network to encourage the entry of sustainable and high-quality investments, and pursue forward-looking commitments on economic cooperation in priority areas such as industrial development, innovation, research and development, micro, small, and medium enterprises, and creative and cultural industries,” the resolution read.

The FTA was signed in September 2023. President Ferdinand Marcos Jr. ratified the FTA on May 13.

Ratification for the FTA is still ongoing in South Korea.