THE Philippines said it and the European Free Trade Association (EFTA) are working to improve utilization of their free trade agreement (FTA), which were 31% for the Philippines and 30% for the four-member EFTA bloc in 2020. In a statement on Monday, the Department of Trade and Industry (DTI) said the decision to tap […]
Tag: trade
[EXPLAINER] Are Dangwa florists blooming despite challenges?
The flower trade in Dangwa, known for being the go-to place for inexpensive flowers, is thriving despite stiff competition. During the height of the pandemic, daily sales were sometimes nil. At one point, flower shops had to resort to selling vegetables, according to one of Dangwa’s oldest establishments. “Ngayon lang ulit bumamalik ang mga tao […]
Hong Kong and UAE explore collaboration opportunities
DUBAI, Feb 9, 2023 – (ACN Newswire via SEAPRWire.com) – A delegation of business leaders from the Hong Kong Special Administrative Region (HKSAR), led by the city’s Chief Executive and principal officials and organised by the Hong Kong Trade Development Council (HKTDC), is in the United Arab Emirates (UAE) this week to strengthen existing business […]
Farmers call for gov’t-backed push to make industry competitive under RCEP
AGRICULTURE industry representatives said the government has not adequately supported farmers in achieving competitiveness against imports, which they called a necessary step before opening up the market under the terms of the Regional Comprehensive Economic Partnership (RCEP). During a Senate hearing on the world’s largest free trade agreement on Tuesday, United Broiler Raisers Association President […]
‘Green’ trade policy to help mitigate climate change impact — ADB
GREEN TRADE and investment policies are needed to help mitigate the impact of climate change in the Asia and the Pacific, the Asian Development Bank (ADB) said. “Asia generates around half of global carbon dioxide emissions, at the same time it also accounts for 40% of national disasters nationwide,” ADB Chief Economist Albert Park said in […]
‘Costly’ missed opportunities from RCEP delay
THE Department of Trade and Industry (DTI) said the Philippines cannot afford further delay in joining the Regional Comprehensive Economic Partnership (RCEP) trade agreement. “The Philippines is the remaining signatory state that has yet to participate in this important trade deal, and this time the Philippines cannot afford not to join. It will be costly, […]
DTI bats for free trade deals with UAE, India
THE Department of Trade and Industry (DTI) said the Philippines need to expand its free trade agreement (FTA) network, identifying the United Arab Emirates (UAE) and India as potential partners. “With the UAE we just basically launched the manifestation, the intent to embark on a comprehensive economic partnership. The next step is for us to […]
December trade gap widens; full-year deficit hits record
THE PHILIPPINE trade deficit widened in December from the previous month after exports declined to the lowest in more than two years, while imports continued to fall for the second straight month, the Philippine Statistics Authority (PSA) said on Thursday. This brought the 2022 trade balance to a record $58.32-billion deficit, higher than the $42.23-billion […]
DTI presses Senate to approve RCEP trade deal within quarter
THE Department of Trade and Industry (DTI) asked the Senate to ratify the Regional Comprehensive Economic Partnership (RCEP) trade agreement before the end of the first quarter, saying that the Philippines is already missing out on the deal’s benefits. Trade Assistant Secretary Allan B. Gepty told BusinessWorld on the sidelines of an event organized by […]
US touts possible role in PHL nuclear transition
US AMBASSADOR Mary Kay L. Carlson said Washington is moving forward with talks that would unlock US assistance for the Philippines’ transition to nuclear energy. In a speech before the Makati Business Club (MBC) on Tuesday, Ms. Carlson said signing a “123 agreement” — referring to Section 123 of the US Atomic Energy Act — […]
2022 balance of payment deficit hits record $7.3B
By Keisha B. Ta-asan, Reporter THE PHILIPPINES posted a $612-million balance of payment (BoP) surplus in December, bringing the full-year level to a record deficit of $7.3 billion. The full-year gap was a reversal of the $1.3-billion surplus in 2021, the Bangko Sentral ng Pilipinas said in a statement on Thursday. “This cumulative BoP deficit […]
BoC working on trade facilitation upgrades in EU-backed project
THE Bureau of Customs (BoC) said it is working with ARISE Plus Philippines to improve trade facilitation in a European Union (EU)-backed project. The collaboration focuses on creating new policy and procedures for trade facilitation mainly through e-commerce, authorized economic operators, and integrated risk management programs, the BoC said in a statement on Monday. The […]
Opposition to container monitoring policy flares anew
RENEWED opposition has ignited against a Philippine Ports Authority (PPA) order prescribing the registration and monitoring of containers, as trade groups argue the regulation will only add to the undue cost burdens of businesses and consumers amid runaway inflation and container delays. The organizations—Philippine Chamber of Commerce and Industry (PCCI), Philippine Exporters Confederation Inc. (Philexport), […]
Philippine police chief quits amid call to rid ranks of drug scalawags
By John Victor D. Ordoñez, Reporter THE PHILIPPINES’ national police chief on Thursday quit his job after a call for hundreds of high-ranking police officers to resign and help cleanse their ranks of the “deep infection” of the illegal drug trade. Philippine National Police (PNP) Director General Rodolfo Azurin, Jr. submitted his resignation letter to […]
German consumer goods trade show attracts 30 exhibitors from Philippines
THE Department of Trade and Industry (DTI) said 30 exhibitors from the Philippines will participate in the Ambiente consumer goods trade show in Frankfurt. Some 30 Philippine participants from the home, fashion, and lifestyle industries will exhibit at the Ambiente 2023 trade fair organized by Messe Frankfurt between Feb. 3 and 7, according to the […]
Top 10 trade and investment stories of 2022
Here is this column’s assessment of the important trade and investment stories of the past year, five global and five national. 1. Big recovery in global merchandise trade by nearly $4 trillion in 2021 over 2020 The World Trade Organization (WTO) in November released its flagship annual publication, the World Trade Statistical Review 2022. Global […]
‘Critical’ for PHL to sign FTA with Europe within two years
By Alyssa Nicole O. Tan, Reporter THE PHILIPPINES must enter into a free trade agreement (FTA) with the European Union (EU) within a two-year window or become the last of three major markets in Southeast Asia deemed priorities by the EU, according to the European Chamber of Commerce of the Philippines (ECCP). “The timeline here […]
Domestic trade slumps by 25.5% in the third quarter
Trade in domestic goods declined 25.5% in the third quarter to P181.460 billion as the country’s inflation rate moved at a faster pace, according to the Philippine Statistics Authority (PSA) on Friday. According to the PSA’s preliminary Commodity Flow in the Philippines report, the volume of trade in the third quarter declined from a year […]
ASEAN Ceramics 2022 celebrates its return as the Ceramic Hub of Southeast Asia in Bangkok
The resumption of the leading and only regional exhibition for Ceramics More than 100 exhibitors and brands globally The trade fair consisting of exhibitions and its holistic supporting programs attracted 2,128 attendees spanning from nearly 30 countries BANGKOK, Dec 16, 2022 – (ACN Newswire via SEAPRWire.com) – Once again, the ASEAN Ceramics trade fair has […]
China hustles on summit sidelines to challenge US outreach
When Chinese President Xi Jinping and his Indonesian counterpart Joko Widodo sat together last week to watch a trial run of a new China-backed high-speed railway, it was a clear sign of their expanding economic involvement. “Begin,” was the command they gave, as the train pulled out of a Bandung station. Projects like this are […]