PH likely to sign free trade deal with SoKor ‘very soon’, says DTI

The Philippines and South Korea may sign a free trade deal “very soon” as officials of the two countries continue discussions, Trade Secretary Alfredo Pascual said Wednesday.

Pascual said that following President Ferdinand Marcos, Jr.’s trip to Japan, the government is eyeing to invite South Korean leaders to the country.

“We were thinking of Korea. In case of Korea, we will probably invite the leadership of Korea to visit us instead. In the meantime, we are completing our free trade agreement with Korea, South Korea that is, and I might sign it very soon,” Pascual said.

A free trade deal will cut tariffs for select products to zero which is seen to boost commerce between participating nations.

“This will help us improve our export of some of our agricultural products because of reduction in tariff and we’ll be getting technology supply

Revival of Toyota’s Tamaraw to back auto industry

Department of Trade and Industry (DTI)

Secretary Alfredo Pascual has welcomed the public announcement of Japanese carmaker Toyota to revive the assembly of its utility vehicle model Tamaraw in the Philippines.

In an interview with a local radio-television network Tuesday, Pascual said the revival of Toyota Tamaraw manufacturing in the country will reinvigorate local automotive and automotive parts production in the country, and will also support the industry’s growth as they recover from the pandemic.