ABAC Philippines welcomed the successful completion of the Philippines’ Trade Policy Review by the World Trade Organization in Geneva, Switzerland.
“The Philippines is on the road towards achieving inclusive globalization, where no one is left behind,” said Trade undersecretary Ceferino Rodolfo.
The review, the fifth for the Philippines, covered the trade policy regime of the country from its last assessment in 2012 to 2017.
ABAC Philippines lauded the milestones presented in the policy review, where the Philippines achieved its highest average six-year economic growth in over 40 years at 6.6 percent.
The Philippines also recorded a significant decline in poverty incidence to 21.6 percent from over 25 percent in 2012.
The critical trade and investment policy reforms and programs implemented during the review period included the Customs Modernization and Tariff Act in 2016 and the Philippine Competition Act in 2015