President Ferdinand Marcos Jr. 

MANILA, Philippines — President Ferdinand Marcos Jr. on Tuesday approved the implementation of commitments under the free trade agreement between the Philippines and South Korea.

He also approved two big-ticket projects worth P63.2 billion to enhance agricultural productivity, regional connectivity, and economic activity in the country.

Article continues after this advertisement

Marcos approved the implementation of free trade commitments through the National Economic and Development Authority (Neda) board, which he chairs, during its 23rd meeting and the last for 2024 in Malacañang.

FEATURED STORIES GLOBALNATION Myanmar nationals stranded in Zambales long to go home GLOBALNATION Alice Guo, family slapped with falsification, anti-dummy law raps GLOBALNATION 14 years on death row: Timeline of Mary Jane Veloso’s fight for justice

During the meeting, the board approved the issuance of an Executive Order (EO) that will cover the country’s tariff commitments under the Philippines-Korea Free Trade Agreement (PH-KR FTA) signed on September 7, 2023 during the 43rd ASEAN Summit in Jakarta, Indonesia.

The agreement aims to strengthen economic relations between the two countries by facilitating trade and investment flows, removing barriers to market access, and creating new business and investment opportunities.

Article continues after this advertisement

“The agreement will support government efforts to manage competitive exclusion vis-à-vis Asean (Association of Southeast Asian Nations) neighbors, encourage more foreign direct investments, and secure more preferential concessions than those currently available under the Asean–Korea FTA and the Regional Comprehensive Economic Partnership Agreement,” Neda’s statement read.

Article continues after this advertisement

“In addition, upon implementation of the Agreement, Korea will grant preferential duty-free entry on 11,164 Philippine products accounting for $3.18 billion or 87.4 percent of total Korean imports from the Philippines,” it added.

Article continues after this advertisement

Approved big-ticket projects

The board also approved the construction of the P37.5-billion Ilocos Norte-Ilocos Sur-Abra Irrigation Project (INISAIP) of the National Irrigation Administration.

Article continues after this advertisement

Neda said the project is poised to “improve agricultural output and water management across the three provinces” by irrigating up to 14,672 hectares of agricultural land during the wet season and 13,256 hectares during the dry season.

According to Neda, the INISAIP includes the construction of an earth-and-rockfill dam across the Palsiguan River in Abra, an afterbay dam in Nueva Era in Ilocos Norte, and irrigation canals.

It also plans to incorporate renewable energy components, such as hydroelectric power plants and a solar power farm through a public-private partnership.

“With a six-year implementation period, INISAIP will benefit approximately 32,604 families, significantly improving their livelihoods and fostering sustainable economic development in the Ilocos and Cordillera regions,” Neda Secretary Arsenio Balisacan said.

The board also approved the P25.7-billion Accelerated Bridge Construction Project for Greater Economic Mobility and Calamity Response (ABC Project) of the Department of Public Works and Highways, which would pave the way for the construction of 29 bridges nationwide.

osg777

Neda said the project was financed through an Official Development Assistance (ODA) loan from the French government.

The project’s Component 1, comprising seven long bridges, is scheduled from January 2025 to December 2029 while Component 2, consisting of 22 calamity response bridges, will run from January 2025 to December 2027.

Neda said the board also approved adjustments to the following ongoing projects:

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Value Chain Innovation for Sustainable Transformation in Agrarian Reform Communities (VISTA) of the Department of Agrarian Reform (DAR); Health System Enhancement to Address and Limit (HEAL) COVID-19 Project of the Department of Health (DOH); Panglao-Tagbilaran City Offshore Bridge Connector (PTCOBC) Project of the Department of Public Works and Highways (DPWH); Metro Manila Interchange Construction Project, Phase VI (MMICP VI) of the Department of Public Works and Highways (DPWH); and North-South Commuter Railway (NSCR) System Project – Malolos-Clark Railway Project (MCRP), Tranche 1 of the Department of Transportation (DOTr).

Neda also announced two completed projects: the Arterial Road Bypass Project Phase III (Plaridel Bypass) and the Panguil Bay Bridge.

In a statement on Thursday, IFC said it invested $7 million in First Circle, which offers smart banking solutions to small and medium-sized enterprises (SMEs).

In a letter to Marcos presented last week to Agriculture Secretary Francisco Tiu Laurel Jr.winning plus, pork producers said the emergency use of the ASF vaccine would result in the inoculation of 6.3 million piglets and fasteners.

READ NEXT Death toll rises to 14 as magnitude 7.3 quake hits Vanuatu Palace mum on Marcos’ plans for Veloso when she returns to PH EDITORS' PICK How couples use ChatGPT to navigate love, conflict, and everything in between Fake attorney’s practice in LA seized for swindling Filipino immigrants ⁠LPA to become tropical cyclone; bring rain in Visayas, Mindanao Dec 17 Christmas party ‘things’ that only Filipinos born in the late 90s and early 2000s can relate to Alice Guo, family slapped with falsification, anti-dummy law raps P45,000 bonus for Cebu Capitol workers granted MOST READ House approves bill postponing BARMM polls BIZ BUZZ: MVP enters John Hay Gov, mayors say no to bill splitting Leyte E-market as a tool against corruption Follow @FMangosingINQ on Twitter --> View comments