A supplemental budget worth P20 billion has been approved by the Development Budget Coordinating Council to safeguard the interests of the local industries that might be affected by the Japan-Philippines Economic Partnership Agreement (JPEPA).
This sum of P20 billion will be an addition to the already approved P1.227 trillion national budget that was sponsored by Senator Juan Ponce Enrile.
Trade with Japan could increase only with greater investments as well as vigorous trade promotion and create space for Philippine products.
Officials from the Confederation of Garment Exporters of the Philippines stated that the manufacturers have been concentrating on US and European markets in spite of which trade with Japan is likely to increase by 200 percent after the JPEPA.
Although, Philippines imported garments worth US $1 million from Japan in 2006, it exported nearly $74 million worth apparel in the same year.
Policies to be implemented by the Department of Trade and Industry are being discussed, so that once in force, it can help local industries to make the most of the JPEPA.
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