Department of Trade and Industry (DTI) Secretary Alfredo Pascual said the Philippines is in a strong position for economic prosperity.
“We at the DTI are charting a course to ensure the Philippines continues its impressive economic growth trajectory. By deepening our economic partnerships, aggressively promoting our exports, and unlocking the untapped potential of our local industries, we are confident that the Philippines will solidify its position as a significant player in the global market,” said Pascual.
He said the DTI capitalizes on trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and annual international trade forums that directly connect businesses with export opportunities arising from the agreement.
The DTI also leads educational campaigns, providing vital information and resources to ensure businesses understand and leverage RCEP effectively, he said.
RCEP, the world’s largest free trade area led by the Association of Southeast Asian Nations, unifies preceding agreements with major economies like Australia, China, Japan, Korea and New Zealand. It aims to streamline the region’s business environment and bolster its resilience against emerging economic challenges.
The partnership offers crucial support for services, investments, intellectual property, e-commerce, and micro, small and medium-sized enterprises. A significant share of the Philippines’ trade and foreign direct investment comes from RCEP member nations, he said.
The DTI said it recognizes concerns about a potential surge in imported goods following RCEP’s implementation. To address this, the department has proactively implemented the Import Surge Monitoring System, he said.
Launched in May 2023, the system tracks import volumes of sensitive industrial products, allowing the DTI to identify potential threats to local manufacturers, as well as push for trade remedies or policy interventions to ensure a level playing field.
