MANILA, Philippines - The Department of Trade and Industry (DTI) has launched an information campaign on how to benefit from the economic partnership agreements of the Philippines with other countries after a study by the Asian Development Bank (ADB) showed the country’s low utilization of free trade agreements (FTAs).
A recent ADB survey revealed that only 20 percent of the respondent-companies in the Philippines said they were using FTAs, while 47.4 percent said they planned to do so in the future. To date, the Philippines has FTAs with the ASEAN, Australia , New Zealand , Japan, China, and Korea.
The program, an information campaign on free trade agreements and FTA markets, is an initiative of the Philippine Chamber of Commerce and Industry (PCCI) and the Philippine Exporters Confederation (Philexport), together with the Department of Trade and Industry (DTI), the Bureau of Customs (BoC) and the Tariff Commission (TC).
This information campaign series is designed to increase awareness and generate more business in the export market. DBFTA will inform exporters on how to sell their products to countries with whom the Philippines has FTAs with. DBFTA will also help the local exporters navigate their way through the various procedures that would qualify them for benefits under these FTAs.
“Understanding these FTAs will be very helpful in striking new business partnerships with our FTA markets,” said Sergio Ortiz-Luis Jr., president of the Philexport. “The export sector has been most resilient, and with sustained government-private sector partnership, it is the exporters’ goal to achieve sustainability with higher value-added for the local economy.”
Participants in the DBFTA nationwide information series will learn more about market opportunities, procedures on applying for a certificate of origin (CO) required for FTA preferential tariffs, and other relevant information required in doing business in FTAs. Help desks were set up by the DTI, BOC, and the Tariff Commission, which assisted businessmen with specific queries on export procedures, tariff rates, and certificates of origin for products under FTAs.
By 2020, Philippine products including processed food, apparel, and furniture will enjoy zero tariff to Australia and New Zealand. For China, exporters can look into addressing demand for industrial raw materials, electronic parts and components, as well as consumer goods. For Japan, businessmen can expand into exporting resource and agro-based products, metals, and glass, among others.