NextGen Day

🤝🌏 MANILA – The Philippine Economic Zone Authority (PEZA) Director General Tereso Panga has highlighted the positive impact of free trade agreements (FTAs) on attracting investments to export zones.

Panga expressed his enthusiasm for the resumption of negotiations for the European Union (EU)-Philippines FTA, emphasizing the potential benefits for PEZA.

Following the Philippines’ accession to the Regional Comprehensive Economic Partnership (RCEP) on June 2, 2023, Panga anticipated upcoming free trade deals with South Korea, United Arab Emirates (UAE), and Canada.

“The FTA with UAE to tap into the Middle East market, and the FTA with Canada aiming to promote investments in North America will be significant factors,” Panga stated.

While the Philippines and UAE are working on the Comprehensive Economic Partnership Agreement (CEPA), Canada seeks to establish an FTA with the Association of Southeast Asian Nations (ASEAN), of which the Philippines is a member.

According to PEZA data shared with the Philippine News Agency (PNA), EU companies have invested PHP389 billion in economic zones, with PHP92.2 billion from South Korea, PHP8.4 billion from Canada, and PHP1.26 billion from the entire Middle East.

Panga emphasized that a bilateral free trade agreement with the EU would secure benefits for PEZA locators exporting to the European market.

“A lot of our locators are exporting to the EU and used to benefit from the GSP+ (Generalized Scheme of Preferences Plus). Now, because of this impending renewal and non-renewal (of GSP+), whatever the case, I think it makes sense for the Philippine government… to engage the EU in terms of signing a free trade agreement. Something bilateral between the Philippines and the EU, which will be more protection to our European exporters,” he added.

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