The Department of Trade and Industry (DTI) is intensifying efforts to boost intra-ASEAN trade and investments as part of its strategy to mitigate the potential impacts of the impending graduation of the Philippines from the European Union’s Generalized System of Preferences Plus (GSP+) by 2026.
DTI Secretary Ma. Cristina Roque emphasized the importance of diversifying trade partnerships and attracting foreign investments.
“We have trade missions and engagements with countries that already have investments here. We want them to invest more,” Roque said.
She highlighted ongoing plans with other government agencies, such as the Philippine Economic Zone Authority (PEZA), to ensure seamless implementation next year.
Roque revealed active discussions with various international partners, including Japan, Israel, and India.
“We’re still in talks with the Japanese minister. We also met with the Israeli ambassador and a company from India exploring opportunities in healthcare and pharmaceuticals,” she said.
Roque also emphasized investments from the Middle East and opportunities arising from the Korea-Philippines Free Trade Agreement, which took effect on Dec. 31, 2024.
PEZA director-general Tereso Panga echoed the need to strengthen intra-ASEAN trade, citing its resilience amid global disruptions.
“This year, foreign and local investments are balanced at 50-50. Beyond traditional export markets in the US and Europe, we’re promoting intra-ASEAN trade and investments,” Panga said.
He said global investors, including those from the EU and the US, are increasingly eyeing the Philippines as a gateway to the Asia-Pacific region.
The DTI said it would continue to proactively pursue local and global support for targeted industries such as agriculture, manufacturing and technology.
