MANILA, Philippines – The Department of Trade and Industry (DTI) is set to start the review of the Philippines-Japan Economic Partnership Agreement (PJEPA) next year with the view of pushing for more benefits for agriculture products and movement of natural persons.
“Next year, we will undertake a review of the PJEPA,” DTI assistant secretary Ceferino Rodolfo said during the National Export Congress 2013 yesterday.
The review is intended to see how the deal could make trade policies more responsive to the country’s needs.
Rodolfo said that part of the review would cover how to improve terms for entry of agricultural products as well as for the movement of natural persons.
The PJEPA which came into effect in 2008 seeks to strengthen the economic relations of the Philippines and Japan.
The bilateral agreement covers free flow of trade in goods, services, persons and capital.
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Rodolfo noted that since the PJEPA came into effect, trade between the Philippines and Japan have grown by more than five times.
Japan is the Philippines’ top export market, with outbound merchandise shipments to that country valued at $9.88 billion in 2012.
In terms of imports, Japan is the Philippines’ third biggest source, with imports valued at $6.45 billion in 2012.
Since the PJEPA came into force, Rodolfo said investments made in the Philippines from Japan have surged to P69 billion last year from just P16 billion in 2008.
Japan is among the top sources of foreign investments approved by the Philippines’ investment promotion agencies last year, accounting for the second largest share or 23.9 percent.
In terms of movement of natural persons, Rodolfo said 820 candidate nurses from the Philippines have been sent to Japan since 2008.
