‘Philippines may gain trade, tech boost from Israel FTA’

MANILA, Philippines — A potential free trade agreement (FTA) with Israel could bring trade and innovation benefits to the Philippines, potentially boosting productivity, according to the Department of Economy, Planning and Development (DEPDev).

While the government must first conduct a study on a potential FTA with Israel, DEPDev Secretary Arsenio Balisacan said any deal that enhances trade is expected to benefit the country.

“Anything that will improve the free flow of our exports and imports should benefit the country. If we can get cheaper products from Israel, cheaper than what we can get in other countries, then of course, even if we import from them, we’ll be better off,” he said on the sidelines of the Israeli Agritech Business Forum.

He said the Philippines also stands to gain if it can get a higher value for its exports to Israel than if these were shipped to other countries.

Beyond trade benefits, he said the bigger gain would come from technology and innovations that investors bring in as they set up operations in the country.

“That could improve productivity and that could have an impact on the rest of the economy. I would like to see those more than just the direct value of imports or exports, the innovations that are generated,” he said.

Earlier this week, Trade Secretary Cristina Roque said the Philippines and Israel have agreed to explore a possible FTA.

“I hope we can do this soon and we can at least finish it during the time of President Marcos as he is really pro-FTA,” she said.

Roque said the DTI would conduct consultations with stakeholders and studies on the impact of an FTA with Israel to guide future negotiations.

News about the Philippines exploring a possible FTA with Israel drew mixed reactions on social media, with some expressing concern over Israel’s actions in relation to the ongoing conflict with Palestine.

Asked about the public concerns, Balisacan said discussions on the possible FTA should focus on the economic aspects and potential benefits.

The Philippines is negotiating FTAs with other trade partners as it looks to expand its export markets and attract more investments.