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Archive for the ‘Philippines’ Category

The anticipated free trade agreement (FTA) between the Philippines and South Korea is expected to provide a moderate increase in textile exports from the Philippines. According to Robert Young, President of the Foreign Buyers Association of the Philippines (Fobap), the country exported approximately $50 million worth of mixed apparel to South Korea in 2023.   […]

The Philippines is optimistic about rejuvenating its banana export sector with the recent free trade agreement established with South Korea. The Department of Trade and Industry has highlighted the potential of this agreement to address the declining market share of Philippine bananas in South Korea, where they face stiff competition from Vietnam and other Latin […]

The Philippines is rapidly emerging as a powerhouse in the fintech sector, driven by a synergy of government initiatives and private sector innovations. With the country’s digitalization efforts accelerating, fintech adoption is poised to reach 72% of the population by 2024. This burgeoning growth is highlighted by the impressive $344 million in funding raised in […]

President Ferdinand ”Bongbong” Marcos Jr. highlighted the pivotal role of Germany’s support as negotiations for a free trade agreement between the Philippines and the European Union prepare to resume.   ”Germany’s support is vital to the country’s reapplication to the EU’s Generalised Scheme of Preferences Plus (GSP+) and for the resumption of negotiations for a […]

In a recent development, Finance Secretary Ralph G. Recto has put forward the idea of exploring the potential for the Philippines to establish a free trade agreement with the United Kingdom (UK).   This proposition emerged during Recto’s meeting with UK Prime Minister’s Trade Envoy to the Philippines Richard Graham and UK Ambassador to the […]

Recent reports reveal an encouraging trend in UK-Philippines bilateral trade, with total trade in goods and services hitting a record high of £3.0 billion. Chris Nelson, the Executive Director/Trustee of the British Chamber of Commerce Philippines (BCCP), expressed optimism regarding the ongoing positive trajectory of trade between the two nations.   In a recent interview, […]

In a significant move to bolster their trade relations, the Philippines and Vietnam have signed a Memorandum of Understanding (MOU) on Rice Trade Cooperation. This agreement, among several others, was forged on Tuesday, Jan. 30, during bilateral discussions between the two nations.   The MOU on Rice Trade Cooperation establishes a framework for rice cooperation […]

In a significant step towards bolstering their defense cooperation, the Philippines and Canada formally signed a memorandum of understanding on Friday, with Manila’s defense minister expressing optimism that this agreement could pave the way for a troop pact between the two nations.   Defense Secretary Gilberto Teodoro highlighted the strong intention on both sides to […]

Agricultural Trade, News, Philippines

January 23, 2024

  In a potential shake-up of global banana export rankings, preliminary findings from the United Nations’ Food and Agriculture Organization (FAO) indicate that Guatemala may have overtaken the Philippines in 2023. The Philippines, holding the second position for six consecutive years, faces a possible dip in its standing.   According to early data from the […]

News, Philippines, Trade Agreements

January 13, 2024

In a forward-looking approach, the Philippines is actively pursuing a strategic partnership with Korea this year, building on the historic Philippines-Korea Free Trade Agreement (FTA) signed last year. With the 75th anniversary of diplomatic relations approaching, both nations are keen on elevating collaboration in various sectors, according to the Philippine Ambassador to Korea, Maria Theresa […]

In a recent development, the Department of Trade and Industry (DTI) has issued a reminder to local exporters of dairy products, urging them to familiarize themselves with Australia’s updated regulations to ensure compliance and sustained market access. According to the advisory, Australia revised its import regulations for dairy in November of the previous year. Notably, […]

International Trade, News, Philippines

November 16, 2023

In a historic move, the United States and the Philippines have inked a groundbreaking agreement that opens the door for Washington to export nuclear technology and materials to Manila. This landmark deal signifies the Philippines’ exploration of nuclear power as a means to decarbonize its energy sector and enhance energy independence.   U.S. Secretary of […]