Stakeholders from the Philippines and Japan are calling for updates to the 18-year-old Japan-Philippines Economic Partnership Agreement following a joint panel discussion Thursday.
The Philippine-Japan Economic Cooperation Committee and the Japan-Philippines Economic Coordination Committee hosted the discussion to address evolving trade needs.
Richard Albert Osmond, PhilJec board special advisor and former chairman, highlighted the need for a structured review of JPEPA to reflect current business conditions.
“Negotiating updates to the agreement can bring benefits not just for industries, but also for cultural exchanges and the flow of imports and exports between our countries,” Osmond said.
He emphasized that progress and reviews led by the private sector signal that governments are engaged and responsive to changing economic landscapes.
Osmond also noted the Philippines’ growing participation in high-standard regional trade frameworks. He suggested that potential membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership would complement the existing bilateral agreement.
“This would support a more level playing field, clearer rules in trade and greater integration into regional value chains,” he said.
He stressed that bilateral and regional trade initiatives are complementary, strengthening the foundation of the Japan-Philippines relationship while anchoring the Philippines more firmly in regional trade infrastructure.
The joint meeting underscored the significance of updating JPEPA alongside regional integration initiatives to deliver long-term benefits to businesses and communities in both countries.
