The Philippines is now equipped for the economic integration of the Association of Southeast Asian Nations (ASEAN) this year, according to the Department of Trade and Industry (DTI).
“Philippines is very well positioned for the ASEAN economic integration because the country has a more liberalized environment compared with its neighbors,” said DTI Secretary Gregory Domingo during a business forum organized by The Manila Times on Wednesday.
The ASEAN Economic Community will formally come into force by the end of the year. It facilitates free trade in goods and services and the free flow of skilled labor and investments across member states including Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, and Vietnam.
“Among the ASEAN 6 – Brunei, Malaysia, Indonesia, Philippines, Singapore and Thailand – 99.7 percent of goods sourced within the region are already being traded at zero tariffs. The rest of ASEAN are not far behind as they already offer zero to 1 percent duties on 98.9 percent,” Domingo noted.
All member states are expected to complete liberalizing trade in goods in the next three years.
“Only a very small number of goods are exempted from tariff elimination. For example in the Philippines, the ones that are exempted from tariff elimination are very few; these are primarily agricultural products such as rice, sugar, cassava, sweet potatoes and chicken,” said Domingo.
As for the free flow of services, the Philippines has been actively participating in negotiations since 2007 to open up various sectors.
ASEAN members are working on mutual recognition arrangements for accounting, architecture, dentistry, nursing, surveying and tourism.
“Agreements covering 128 sectors are due for submission this year. Of these, 80 percent has already been liberalized,” said Domingo.
The most critical issues surrounding the ASEAN economic integration includes access to finance and the costs micro, small and medium enterprises (MSMEs) tend to incur in the process, Dr. Mohd Munir Abdul Mahjid, co-chairperson of the ASEAN Integration BAC in 2014, said during the forum.
“MSMEs have very small access to finance. Something concrete must be done. We must focus on MSMEs because they are the backbone of the ASEAN Community,” he added. – VS, GMA News
More from: http://www.gmanetwork.com/news/story/526478/economy/business/phl-on-track-toward-asean-economic-integration-dti
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
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July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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