Philippines and Chile set to sign trade agreement on November 19
Trade Secretary Cristina Roque said the pact would give Philippine exporters access to South America's market of 440 million people.
The Philippines and Chile plan to sign their Comprehensive Economic Partnership Agreement on November 19 during the APEC meeting, Trade Secretary Cristina Roque said at a Manila press conference on November 12.
Roque said the free trade agreement would open opportunities for Philippine exporters in South America, which has a population of 440 million. The signing is intended to broaden the country's overseas trade reach.
Government figures presented by Roque put merchandise exports at US$73.9 billion for January–September, up 17.2 per cent from a year earlier. Exports rose 35.6 per cent in September, the strongest monthly growth recorded since 1991.
Semiconductors, electronics, minerals and automotive parts remain mainstays of Philippine exports. The Department of Trade and Industry also sees scope to expand agricultural shipments. Coconut exports increased 34.4 per cent, while pineapples and bananas registered steady gains. Roque identified ube and calamansi as products with potential to attract greater demand abroad.
Investment approvals also increased. The Philippine Economic Zone Authority approved ₱309.6 billion during January–October, a rise of 76.6 per cent year on year. Separately, projects approved by the Board of Investments totalled ₱900 billion in January–September, up 53 per cent annually.
