The National Economic and Development Authority (NEDA) Board has approved the executive order (EO) issued for implementation of the country’s commitments under the Philippines and Korea’s free trade agreement (FTA).
In a statement, NEDA said the Board also approved two projects worth P63.2 billion during its 23rd meeting yesterday.
The projects are expected to enhance agricultural productivity, regional connectivity and economic activity in the country, it said.
The EO will cover the country’s tariff commitments under the Philippines-Korea Free Trade Agreement (PH-KR FTA).
Once the agreement is in place, Korea will grant preferential duty-free entry to 11,164 products from the Philippines, valued at $3.18 billion or 87.4 percent of total Korean imports from the Southeast Asian country.
Signed on September 7, the PH-KR FTA aims for stronger economic relations between the two countries. It will facilitate trade and investment flows, remove barriers to market access and create new business and investment opportunities.
The agreement supports government efforts to manage competitive exclusion with Asean neighbors, encourage more foreign direct investments and secure preferential concessions, compared with what is currently available under the Asean–Korea FTA and the Regional Comprehensive Economic Partnership Agreement.
The Board also approved the P37.5-billion Ilocos Norte-Ilocos Sur-Abra Irrigation Project (INISAIP) of the National Irrigation Administration.
The project intends to improve agricultural output and water management across three provinces, irrigating up to 14,672 hectares of agricultural lands during the wet rainy season, and 13,256 hectares during the dry season.
The irrigation initiative covers the construction of an earth and rockfill dam across the Palsiguan River in Abra, as well as an afterbay dam in Nueva Era in Ilocos Norte, and various irrigation canals linked as major irrigation systems.
The project will incorporate renewable energy components such as hydroelectric power plants and a solar power farm, through a public-private partnership.
“With a six-year implementation period, it will benefit approximately 32,604 families, significantly improving their livelihoods and fostering sustainable economic development in the Ilocos and Cordillera regions,” NEDA Secretary Arsenio Balisacan said.
The Board also passed the P25.7-billion Accelerated Bridge Construction Project for Greater Economic Mobility and Calamity Response of the Department of Public Works and Highways.
This initiative aims to improve connectivity and disaster resilience by constructing 29 bridges nationwide.
Financed by an Official Development Assistance loan from France, the project has two components.
Component 1: seven long bridges, scheduled from January 2025 to December 2029.
Component 2: 22 calamity response bridges, scheduled from January 2025 to December 2027.
Additionally, the Board approved adjustments to various parameters of five ongoing projects, including changes in project scope, cost, partial loan cancellation and extensions of the implementation period and loan validity.
Meanwhile, NEDA released its third-quarter 2024 progress report on Infrastructure Flagship Projects under the Build-Better-More Program.
Two newly completed projects include the Arterial Road Bypass Project Phase III (Plaridel Bypass) and the Panguil Bay Bridge.
The Plaridel Bypass was inaugurated on October 10, 2024. It widened a 22.46-kilometer road from two to four lanes, featuring 10 bridges, three flyovers and improved drainage.
The Panguil Bay Bridge, completed on October 31, 2024, connects Tangub City in Misamis Occidental and Tubod in Lanao del Norte.
“Through these investment and infrastructure initiatives, we are advancing connectivity to enhance economic opportunities and ensure that progress reaches all regions of the country,” Balisacan said.
