필리핀 열대성 인사이트

As the Korea-Philippines Free Trade Agreement (FTA) goes into effect on the 31st, tariffs on Philippine bananas will be completely eliminated within 5 years. When the bilateral FTA goes into effect, Korea will eliminate tariffs on 94.8% of all items imported from the Philippines. The Philippines will also eliminate tariffs on 96.5% of imported items from Korea starting on this day. Korea will eliminate the 30% tariff on bananas, a product of interest to the Philippines, over 5 years. It is expected to be reduced by 6% each year starting from the first year of the FTA. However, the Ministry of Trade, Industry and Energy announced that it has secured agricultural product safeguard (ASG) measures to prevent a sharp increase in banana imports from the Philippines. Accordingly, the Korean government can re-impose tariffs of up to 30% if the annual banana import volume exceeds the standard amount for 10 years starting from the first year of the FTA. In addition, tariffs on processed foods (5-10%), ginseng, peppers, and mackerel (5% each), and pears (7%) will also be eliminated within 15 years. Among Korean export items to the Philippines, automobiles are considered a representative beneficiary. The Philippines currently imposes a 5% tariff on Korean automobiles, but once the FTA goes into effect, tariffs on internal combustion engine passenger cars and trucks will be eliminated immediately. Tariffs on eco-friendly vehicles such as electric and hybrid cars will be phased out over a period of five years. Reporter Ji Yuri yuriji@nongmin.com

The tariff rates for the country’s banana exports to South Korea will get a sizable reduction next week under the newly implemented free trade agreement (FTA), beginning with a 6 percent decrease on Dec 31 and another 6 percent cut on January 1.

“We cannot control the typhoons. Unfortunately, they hit the Philippines one after another. The impact on the agricultural GDP is huge,” Arsenio Balisacan, secretary of the National Economic Development Authority (NEDA), told Nikkei Asia. The Philippines will be hit by typhoons by the end of 2024 - Photo: The Hindu NEDA is the agency responsible for planning and formulating economic policies. Agriculture currently accounts for 10% of the Philippines’ GDP. Balisacan predicted that the damage caused by typhoons to the economy will be similar to that caused by El Nino weather from July to September. High-value crops are highly vulnerable to weather. The Philippines produces a wide variety of tropical fruits, as well as many agricultural products important for domestic consumption. Examples include bananas, mangoes, onions, corn, cocoa and durian. In the third quarter of 2024, the Philippines' GDP grew by 5.2%, slowing from 6.4% in the previous quarter, due to the devastation caused by Typhoon Yagi. This brought the first 9-month growth down to 5.8%. Because of