The administration of President Ferdinand Marcos Jr. aims to increase the total number of free trade agreements and bilateral deals to 20 by the end of his term in 2028.
Department of Trade and Industry Secretary Ma. Cristina Roque said the government is aggressively pursuing new agreements as part of a strategy to grow exports and improve the business environment.
Roque said more than 70 percent of Philippine exports already enter partner markets through existing agreements, which provides local products greater access to international markets.
“This administration will have the most free trade agreements in history. These FTAs are our competitive edge,” Roque said.
The government is prioritizing the completion of negotiations with the European Union, Chile and Canada this year.
Roque said the Philippines hopes to conclude talks for the EU-Philippines FTA by June or July, with a potential signing next year. Negotiations with Chile could be finalized as early as this year.
“We have to remember, one country is not the market. The market is the global market. We must find a way to be competitive globally and the FTA is the direction that our President is taking,” Roque said.
She said these deals are essential for ensuring Philippine industries compete on equal footing worldwide.
To manage global economic uncertainties and geopolitical tensions, the Department of Trade and Industry has increased price monitoring and contingency measures. These steps are intended to cushion businesses and consumers from disruptions to trade and supply chains.
