Manila, Philippines – The National Economic and Development Authority (NEDA) Board, chaired by President Ferdinand R. Marcos Jr., has given the green light to several key initiatives aimed at boosting economic growth and development.
PH-Korea FTA One significant approval is the issuance of an executive order (EO) to implement the Philippines-Korea Free Trade Agreement (PH-Korea FTA). Signed in September 2023, this agreement seeks to deepen economic ties between the two countries by reducing tariffs and facilitating trade and investment flows.
Under the FTA, South Korea will grant preferential duty-free entry to over 11,000 Philippine products, covering approximately 87.4% of total Korean imports from the Philippines.
Infrastructure Projects
Ilocos Norte-Ilocos Sur-Abra Irrigation Project (INISAIP): This PHP37.5 billion project, spearheaded by the National Irrigation Administration, aims to improve agricultural productivity and water security in the Ilocos and Cordillera regions. Key components include a dam, afterbay dam, and extensive irrigation canals.
Accelerated Bridge Construction Project for Greater Economic Mobility and Calamity Response (ABC Project): This PHP25.7 billion project, undertaken by the Department of Public Works and Highways, will construct 29 bridges nationwide to enhance connectivity and disaster resilience. The project is financed through an ODA loan from the French government.
Other Approvals
In addition to these major projects, the NEDA Board also approved adjustments to the parameters of five ongoing projects, including initiatives in agriculture, healthcare, and transportation.
NEDA Secretary Arsenio Balisacan emphasized the government's commitment to advancing connectivity and economic opportunities across the country through these investments and infrastructure projects.
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