Philippine Government Prepares Banana Industry for South Korea FTA

The Philippine government is revising fiscal incentives for the local banana industry in anticipation of the upcoming free trade agreement (FTA) with South Korea. These adjustments are part of proactive measures to ensure a seamless transition once the bilateral trade agreement is activated. The modifications aim to optimize incentives for banana companies and enhance technical cooperation with South Korea, particularly in mechanical equipment, facilitated by the South Korean embassy. The FTA's ratification is expected by the middle of 2024, with progress underway from both sides.