NextGen Day

As the country opens itself up to further free trade agreements like the Regional Comprehensive Economic Partnership (RCEP), support for local farmers and enterprises should be enhanced, according to a former cabinet member and senatorial candidate.

Senatorial candidate Gilbert “Gibo,” Teodoro said in a statement on Wednesday that he supports the country’s involvement in free trade agreements (FTAs) like the RCEP, but that assistance for domestic sectors, particularly agriculture, should be increased.

“Free trade accords like the RCEP give our Filipino businesses, notably those in agriculture, a bigger playing field with more options. “Because FTAs reduce taxes and duties, Filipino products may compete in foreign markets,” he remarked.

The Department of Trade and Industry (DTI), with the help of other government agencies and business groups, has been lobbying the Senate to approve the RCEP agreement.

Teodoro encouraged local businesses to take advantage of foreign market potential through free trade agreements (FTAs), but only with proper government assistance.

“However, this is only achievable if measures to improve our local industries’ competitiveness, capacity building, and productivity are institutionalized,” he added.

Teodoro believes that the government should assist in the development of smart agriculture, as well as research and development, in order to boost farmer productivity and improve agricultural output.

He also believes that more farm-to-market highways should be built to reduce the expenses of delivering farm produce to markets.

Teodoro believes that this will assuage local farmers’ concerns that they will be unable to compete with cheaper imported commodities.

He also stressed the importance of bolstering the “buy local” campaign, with the government pledging support for Philippine-made goods by patronizing them.

He added that programs to connect local farmers and enterprises to the global value chain will help the country get the most out of FTAs and other preferential trade agreements.

Teodoro explained, “The solution is through consultation and close coordination.”

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