Camarines Sur Rep. LRay Villafuerte has welcomed the enactment of the One Town, One Product (OTOP) law meant to help facilitate the sale of locally-made products abroad.
Villafuerte said Republic Act 11960 will also complement a recent directive of President Ferdinand Marcos Jr. to concerned government agencies to implement programs and projects aimed at developing and promoting Philippine exports.
According to Villafuerte, president of the National Unity Party and one of the authors of RA 11960, “this newly signed OTOP Law will prop up Philippine Export Development Plan 2023-2028, which aims to transform our country into an export powerhouse of high-value products and services before or by the time President Marcos leaves office in 2028.”
The Palace issued Memorandum Circular (MC) 23 last June 20 in connection with the President’s approval of the PEDP 2023-2028.
Sixty days upon the effectivity of MC 23, concerned agencies must submit to the Export Development Council (EDC) and to the Executive Secretary an inventory of relevant programs, activities and projects which are aligned with the strategies under the PEDP 2023-2028.
Villafuerte explained that the OTOP Law seeks to support small entrepreneurs and stimulate economic activity, especially in the countryside.
He said the 19th Congress’ earlier approval of the OTOP bill was “timely as the President had just approved the DTI-drafted PEDP amid a weakening export sector resulting from a looming recession in the US (United States) and a global economic slowdown.”
He said the enactment of the OTOP Law was also well-timed as the Philippines has just joined the Regional Comprehensive Economic Partnership (RCEP), the biggest free trade pact that could benefit Filipino exporters by way of possibly higher sales of their lower-taxed goods to other RCEP member-economies.
RA 11960 was signed by President Marcos last week along with RA 11958, which rationalized the disability pension of veterans; and RA 11959, which aims to strengthen the conservation and protection of our cultural heritage through cultural mapping and an enhanced cultural heritage education program.
“This OTOP Law will help shore up the medium-term PEDP and address the not-so-favorable trade data in which exports suffered a two-digit dip in April arising from the risk of a recession in the US, which has dampened global demand for products,” Villafuerte said.
