On-the-Ground Updates

Philippine Government Adjusts Banana Industry Incentives Ahead of South Korea FTA

Fresh Banana
South Korea
Philippines
Regulation & Compliances
Market & Price Trends
Thao Nguyen
Published Apr 18, 2024
The Philippine government is adjusting fiscal incentives for the local banana industry ahead of an anticipated free trade agreement (FTA) with South Korea. Trade Undersecretary highlighted these changes as preemptive measures to ensure a smooth transition once the bilateral trade agreement takes effect. The adjustments aim to optimize incentives for banana plantations, allowing companies to benefit from them entirely. Additionally, technical cooperation with South Korea, particularly in mechanical equipment, is part of the initiative, with active involvement from the South Korean embassy. The FTA's ratification is expected by mid-year, with progress reported on the Seoul side.
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