The National Economic and Development Authority (NEDA) on Tuesday approved through its Board the issuance of an executive order to implement the commitments under the Philippines-Korea Free Trade Agreement.

In a statement on Tuesday, NEDA said the agreement involves the duty-free entry of 11,164 Philippine products to South Korea amounting to $3.18 billion or 87.4 percent of Filipino exports to the fellow Asian country.

NEDA said the approval for the release of the executive order followed the signing of the draft of the free trade agreement on 7 September 2023 during the 43rd ASEAN Summit in Jakarta, Indonesia.

NEDA Board

The NEDA Board consists of President Ferdinand Marcos Jr. as chairman. It confirms projects approved by the Investment Coordination Committee and approves development plans and programs aligned with the policies set by the national president.

The NEDA Board also approved two infrastructure projects worth P63.2 billion.

First, the Ilocos Norte-Ilocos Sur-Abra Irrigation Project of the National Irrigation Administration will provide water to 14,672 hectares of agricultural land in three provinces during the wet season and 13,256 hectares during the dry season.

The irrigation project includes the construction of an earth and rockfill dam across the Palsiguan River in Abra and an afterbay dam in Nueva Era in Ilocos Norte.

Aside from these, the project integrates hydroelectric power plants and a solar power farm to be implemented through a public-private partnership. This project costs P37.5-billion.

“With a six-year implementation period, the project will benefit approximately 32,604 families, significantly improving their livelihoods and fostering sustainable economic development in the Ilocos and Cordillera regions,” NEDA Secretary and NEDA Board vice chairperson Arsenio Balisacan said.

Second, the Accelerated Bridge Construction Project for Greater Economic Mobility and Calamity Response of the Department of Public Works and Highways was created to build 29 bridges across the country. This project costs P25.7 billion.

Adjustments green-lit

Moreover, the NEDA Board green-lit adjustments to five ongoing projects, including their scopes, costs, and loan validities.

These projects are the Value Chain Innovation for Sustainable Transformation in Agrarian Reform Communities of the Department of Agrarian Reform; the Health System Enhancement to Address and Limit Covid-19 Project of the Department of Health; and the Panglao-Tagbilaran City Offshore Bridge Connector Project of the Department of Public Works and Highways.

The rest are the Metro Manila Interchange Construction Project-Phase VI of the Department of Public Works and Highways, and the North-South Commuter Railway System Project-Malolos-Clark Railway Project-Tranche 1 of the Department of Transportation.