BUSINESS
Advocates Philippines
PH-Korea FTA And PHP63.2B Projects Get The Green Light: Boosting Trade, Farms, And Bridges Across The Country
Photo credit: NEDA
Big moves ahead for the Philippines’ economy. The National Economic and Development Authority (NEDA) Board, led by President Ferdinand R. Marcos Jr., just approved two major projects worth a whopping PHP63.2 billion alongside the implementation of the Philippines-Korea Free Trade Agreement (PH-KR FTA). The announcements came during the Board’s final meeting for 2024 on Tuesday, December 17. Here’s what it all means for you and the country.
PH-Korea Free Trade Agreement: What’s in It for Us?
The PH-KR FTA, which was officially signed back in September 2023 during the ASEAN Summit in Jakarta, is about to make trade between the two countries smoother and more beneficial. In short, this deal removes trade barriers, opens up market access, and creates exciting opportunities for businesses and investors.
Here’s the game-changer: Once the agreement kicks in, South Korea will allow duty-free entry for 11,164 Philippine products—that’s around 87.4% of their total imports from us, valued at USD 3.18 billion. This is a massive boost for Philippine exports and a strategic win as we compete for market space against other ASEAN neighbors.
More importantly, the deal encourages foreign investments and provides us with better trade terms than those under the existing ASEAN-Korea FTA and the Regional Comprehensive Economic Partnership (RCEP).
PHP37.5-B Ilocos Irrigation Project: Better Water, Better Farms
If you’re from Ilocos Norte, Ilocos Sur, or Abra, here’s something to celebrate. The NEDA Board has approved the PHP37.5-billion Ilocos Norte-Ilocos Sur-Abra Irrigation Project (INISAIP) by the National Irrigation Administration. This massive initiative aims to supercharge agriculture in the three provinces.
What to expect?
• Irrigation for up to 14,672 hectares of land during the wet season and 13,256 hectares during the dry season.
• Construction of key infrastructure like an earth-and-rock dam across the Palsiguan River in Abra and an afterbay dam in Ilocos Norte.
• A smart touch: The project will integrate renewable energy components, including hydroelectric power plants and a solar farm, in partnership with private stakeholders.
NEDA Secretary Arsenio Balisacan explained, “This project will benefit about 32,604 families, boosting livelihoods and fostering sustainable development in the Ilocos and Cordillera regions.” With its six-year implementation timeline, this is a major win for farmers and local economies.
PHP25.7-B Bridge Construction Project: Faster Travel, Better Disaster Response
Next up is the Accelerated Bridge Construction Project (ABC Project) by the Department of Public Works and Highways (DPWH). With a budget of PHP25.7 billion (funded by a loan from the French government), this project will build 29 bridges nationwide to improve mobility and disaster resilience.
The project has two parts:
1. Seven long bridges – scheduled from January 2025 to December 2029.
2. 22 calamity-response bridges – running from January 2025 to December 2027.
These bridges are expected to connect key areas, reduce travel time, and ensure communities can bounce back quickly when calamities strike.
Updates on Ongoing Projects: Progress in Motion
The NEDA Board also reviewed some adjustments to existing big-ticket projects, including:
1. The VISTA Project for agrarian reform communities.
2. The HEAL COVID-19 Project for health system enhancements.
3. The Panglao-Tagbilaran City Offshore Bridge Connector for improved Bohol connectivity.
4. The Metro Manila Interchange Construction Phase VI for better traffic flow.
5. The North-South Commuter Railway’s Malolos-Clark Project for faster train connections.
Infrastructure Wins: Completed Projects Making a Difference
NEDA also spotlighted two major accomplishments under the Build-Better-More Program:
• The Plaridel Bypass Project (completed October 10, 2024): This expanded a 22.46-kilometer road to four lanes, benefiting 15,000 motorists daily by cutting congestion and boosting growth in Bulacan.
• The Panguil Bay Bridge (completed October 31, 2024): Connecting Tangub City in Misamis Occidental to Tubod in Lanao del Norte, this game-changing bridge now reduces travel time from 2.5 hours to just 7 minutes!
The Big Picture
From unlocking new trade opportunities with South Korea to pumping billions into irrigation systems and bridges, these projects are about one thing: improving lives and growing the economy. As NEDA’s Arsenio Balisacan put it, “We are advancing connectivity to enhance economic opportunities and ensure that progress reaches all regions of the country.”
With 2025 just around the corner, Filipinos have a lot to look forward to—smoother trade, better infrastructure, and brighter opportunities nationwide.
PH-Korea Free Trade Agreement: What’s in It for Us?
The PH-KR FTA, which was officially signed back in September 2023 during the ASEAN Summit in Jakarta, is about to make trade between the two countries smoother and more beneficial. In short, this deal removes trade barriers, opens up market access, and creates exciting opportunities for businesses and investors.
Here’s the game-changer: Once the agreement kicks in, South Korea will allow duty-free entry for 11,164 Philippine products—that’s around 87.4% of their total imports from us, valued at USD 3.18 billion. This is a massive boost for Philippine exports and a strategic win as we compete for market space against other ASEAN neighbors.
More importantly, the deal encourages foreign investments and provides us with better trade terms than those under the existing ASEAN-Korea FTA and the Regional Comprehensive Economic Partnership (RCEP).
PHP37.5-B Ilocos Irrigation Project: Better Water, Better Farms
If you’re from Ilocos Norte, Ilocos Sur, or Abra, here’s something to celebrate. The NEDA Board has approved the PHP37.5-billion Ilocos Norte-Ilocos Sur-Abra Irrigation Project (INISAIP) by the National Irrigation Administration. This massive initiative aims to supercharge agriculture in the three provinces.
What to expect?
• Irrigation for up to 14,672 hectares of land during the wet season and 13,256 hectares during the dry season.
• Construction of key infrastructure like an earth-and-rock dam across the Palsiguan River in Abra and an afterbay dam in Ilocos Norte.
• A smart touch: The project will integrate renewable energy components, including hydroelectric power plants and a solar farm, in partnership with private stakeholders.
NEDA Secretary Arsenio Balisacan explained, “This project will benefit about 32,604 families, boosting livelihoods and fostering sustainable development in the Ilocos and Cordillera regions.” With its six-year implementation timeline, this is a major win for farmers and local economies.
PHP25.7-B Bridge Construction Project: Faster Travel, Better Disaster Response
Next up is the Accelerated Bridge Construction Project (ABC Project) by the Department of Public Works and Highways (DPWH). With a budget of PHP25.7 billion (funded by a loan from the French government), this project will build 29 bridges nationwide to improve mobility and disaster resilience.
The project has two parts:
1. Seven long bridges – scheduled from January 2025 to December 2029.
2. 22 calamity-response bridges – running from January 2025 to December 2027.
These bridges are expected to connect key areas, reduce travel time, and ensure communities can bounce back quickly when calamities strike.
Updates on Ongoing Projects: Progress in Motion
The NEDA Board also reviewed some adjustments to existing big-ticket projects, including:
1. The VISTA Project for agrarian reform communities.
2. The HEAL COVID-19 Project for health system enhancements.
3. The Panglao-Tagbilaran City Offshore Bridge Connector for improved Bohol connectivity.
4. The Metro Manila Interchange Construction Phase VI for better traffic flow.
5. The North-South Commuter Railway’s Malolos-Clark Project for faster train connections.
Infrastructure Wins: Completed Projects Making a Difference
NEDA also spotlighted two major accomplishments under the Build-Better-More Program:
• The Plaridel Bypass Project (completed October 10, 2024): This expanded a 22.46-kilometer road to four lanes, benefiting 15,000 motorists daily by cutting congestion and boosting growth in Bulacan.
• The Panguil Bay Bridge (completed October 31, 2024): Connecting Tangub City in Misamis Occidental to Tubod in Lanao del Norte, this game-changing bridge now reduces travel time from 2.5 hours to just 7 minutes!
The Big Picture
From unlocking new trade opportunities with South Korea to pumping billions into irrigation systems and bridges, these projects are about one thing: improving lives and growing the economy. As NEDA’s Arsenio Balisacan put it, “We are advancing connectivity to enhance economic opportunities and ensure that progress reaches all regions of the country.”
With 2025 just around the corner, Filipinos have a lot to look forward to—smoother trade, better infrastructure, and brighter opportunities nationwide.
Dec 18, 2024
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