President Ferdinand Marcos Jr. - Photo: Jean Mangaluz
MANILA: President Marcos on Friday (Nov 29) thanked South Korea for reinforcing the Philippines’ call for a “brighter and more sustainable future” with its National Assembly’s ratification of the free trade agreement (FTA) between the two nations.
Marcos said he was glad the trade deal between Manila and Seoul was approved earlier than expected.
“We are also thankful to the Republic of Korea for the overwhelming support of your National Assembly for the ratification of our FTA,” he said.
The Chief Executive was in Lucban, Quezon, for the turnover of the Korea Partnership for Innovation of Agriculture (Kopia) greenhouse and postharvest facilities for farmers there.
He said the FTA, which will take effect by the end of the year, will allow many Philippine products, especially tropical fruits, like bananas and processed pineapples, to have better access to the South Korean market.
“The FTA between South Korea and the Philippines will open their markets to us so that our products can be exported there without being levied high tariffs. So the good thing is, we can sell our best products in South Korea,” Marcos said.
On Nov 14, South Korea’s National Assembly ratified the trade deal, which reduced or lifted tariffs on products coming from the Philippines, and vice versa.
The two nations signed the trade deal in September 2023, but it was only this year that the Senate ratified the FTA.
Tariffs to be lifted
The FTA will remove tariffs on 96.5 percent of goods from South Korea, including automobiles, electric, and hybrid vehicles, while Seoul will lift tariffs on 94.8 percent of agricultural and industrial products from Manila.
The trade deal is also seen to increase the Philippines’ banana and processed pineapple exports to South Korea, as the 30-percent tariff on bananas will be removed within five years while the 36-percent tariff on processed pineapples will be removed in seven years.
At the turnover of the greenhouse and postharvest facilities to farmers in Lucban, the President also touted the 75 years of strong relations between Manila and Seoul and their common goal to uplift the lives of Filipinos.
Together with the Bureau of Plant Industry, the Kopia project featured modern, innovative greenhouses with drip irrigation systems, ventilation, and postharvest buildings to allow farmers to control the growing environment and protect crops from pests and extreme weather.
Marcos also visited the greenhouses for arugula, lettuce, cucumber, and seedlings of high-value crops. - Philippine Daily Inquirer/ANN
