Philippines, Chile to seal free trade pact next week

The Philippines and Chile are set to formally sign a free trade agreement next week, a move seen to give Filipino exporters direct access in South America and diversify the country's global trade footprint.

This was announced by Trade Secretary Cristina Roque announced during a press conference in Manila on Thursday.

“We will be signing a very important free trade agreement, which is the Philippine-Chile CEPA (Comprehensive Economic Partnership Agreement), which will be signed on November 19 at the APEC meeting,” Roque said.

“So again, this will open the huge South America market of 440 million people,” she added.

The upcoming signing builds on robust momentum in the Philippine export sector.

According to government figures cited by Roque, total merchandise shipments from January to September climbed 17.2 percent year-on-year to reach $73.9 billion.

September alone saw a 35.6% surge in exports, marking the country's strongest monthly export growth since 1991.

While traditional heavyweights such as semiconductors, electronics, minerals, and automotive parts continue to anchor the export industry, the Department of Trade and Industry is seeing significant room for growth in agricultural goods.

This, as coconut exports jumped 34.4%, alongside steady gains for pineapples and bananas. Roque also highlighted high-value local crops like ube and calamansi as emerging products primed to capture greater international demand.

Alongside the surge in outbound trade, domestic investment approvals have also posted sharp increases.

The Philippine Economic Zone Authority (PEZA) greenlit P309.6 billion in investments from January to October, a 76.6% rise compared to the same period last year.

Similarly, the Board of Investments (BOI) recorded P900 billion in approved projects from January to September, reflecting a 53 percent annual increase.—NB, GMA News