By means of Justine Irish D. Tabile, Reporter
The Philippines will double the protection of a bilateral free trade agreement (free trade agreement) with the US, which it would assume that it would be more possible under the board of President Donald J. Trump, a Council of Investments (BOI) ofFsaid iCial.
“The Philippines will push very hard for a bilateral free trade agreement with the US,” Boi told the main and commercial secretary Ceferino S. Rodolfo to reporters on the sidelines of a European Chamber of Commerce of the Philippines (ECCP) Pers event on Thursday.
“Looking at Trump’s track record and his announcements in confirmation hearings, we would like to take advantage of this to convert this into actual policy initiatives that would continue the bilateral free trade agreement and sectoral similarities of the Philippines,” added.
Mr. Rodolfo said that the Boi sees a net positive impact of Mr Trump’s second term on the economic relations of the Filipino-VS.
“He was actually the only recent American president who welcomed a bilateral free trade agreement with the Philippines,” he said. “He did this in 2017 when he came here for the Asean -top, and he then published a joint explanation with our president that the US welcomes the interest of the Philippines in a bilateral free trade agreement.”
Mr. Rodolfo said that the Biden government had been careful with the movements of the Philippines to find a bilateral free trade agreement.
“For (the Biden) administration it was so difficult to even have a weakened explanation that would say that the US mentions the interest of the Philippines in a bilateral trade agreement,” he said.
He also noted that the most important officials of Mr Trump, including the American trade representative Jamieson Greer and the American State Secretary Marco Rubio, have a hospitable attitude towards a bilateral free trade agreement and a sectoral agreement with the Philippines.
“So summarized, looking at what happened in the hearings of the congress and the confirmation process of the key toFIcials and important cabinet secretaries in the government of Trump, we really provide a net positive impact on the relationships of the Philippines-us, “he added.
Mr. Rodolfo said that the reason he mentioned the plans to work on a free trade agreement with the US during an ECCP event is to put pressure on the European Union (EU) to speed up negotiations on the free trade agreement.
“We hope that this will, in a sense, also speed up the negotiations of the EU philippines FTA, and note that the US and EU claims (seekers) are about certain aspects of bilateral FTAs with the Philippines, in particular the geographical indications ( (Especially the geographical indications ((GIS), “he said.
“The US and the EU are competitors in the GIS. Because if you look at it, the interests of the US and the EU are really in agricultural products. But for us it is good because we are complementary when it comes to agricultural products, “he added.
The BOI officer noted that the Philippines have already opened the sector for its current FTA partners -Australia, Nieuw -Zeeland and China -who produce almost comparable competing products with the US and the EU.
“So for us it is just a matter of our import sources for these products diversify. But for them they really compete head -on when it comes to agricultural products on GIS, “he added.
Mr. Rodolfo said, however, that the EU has a lead, because the US will still have to discuss the proposals, which it is expected to take at least a year to be concretized.
“So I really hope that the EU-Filippines free trade agreement would be completed in the same way if we have completed the FTA of the Filippin-European free trade association (EFTA),” he added.
ECCP president Paulo Duarte said they are looking forward to the second round of the negotiations for the EU Filippines FTA.
“The second negotiation round for the FTA of the EU philippines will take place next month,” said Mr Duarte. “The ECCP is strongly of the opinion that these negotiations will pave the way for improved cooperation between Europe and the Philippines.”
Ambassador of the European Union in the Philippines Massimo Santoro said that the next round will run from 10 February to 14 February.
“I also share the importance of doing well and doing it faster. And to do it quickly, of course we have to go together. It is of course a valid input for both parties, because the better we do, the better the outlook for both our common goods and services, “said Mr. Santoro.
He said the EU has concluded FTAs with other Association of Southeast Asian countries (ASEAN) countries Singapore and Vietnam.
“They both came into force a few years ago. Through the free trade agreement we want not only to facilitate trading, but also in services, “he added.
The EU philippines FTA is one of the interest priorities of the ECCP, together with policy that promotes economic liberalization and increase the ease of doing business in the Philippines.
“While we defend the country as a preferred investment destination, we emphasize the integration of sustainability practices and digitization, in line with the Green Economy Program and the European Green Deal, among other things,” said Mr. Duarte.
“Recognizing the strategic importance of critical raw materials in promoting clean energy, digital technologies and other important sectors, also argues for policy that guarantee safe, sustainable and diversified supplies chains,” he added.
On Thursday, the ECCP launched its 2025 Doing business in the Philippines -Guide.
“This cornerstone publication remains an invaluable source for companies that navigate the Filipino market, and offers critical insights into the investment environment of the country, the regulatory framework and the economic landscape,” said Mr. Duarte.
“Through this annual guide we want to equip investors with the tools and knowledge needed to make decent decisions and to take advantage of the enormous opportunities that the Philippines have to offer,” he added.