After the impeachment of South Korean Prime Minister and Acting President Han Duck-soo by the National Assembly on Friday, the Department of Trade and Industry (DTI) maintained that it does not affect the implementation of the Philippines-Korea Free Trade Agreement (FTA), set to be enforced on 31 December.
According to Trade Undersecretary and Board of Investments (BoI) managing head Ceferino Rodolfo, the FTA has been officially ratified by both the Philippines and South Korea following the two countries’ respective processes.
“And both sides have also notified each other and accepted the entry-into-force on 31 December 2024,” Rodolfo said in a Viber interview.
In a report by Nikkei on Friday, a total of 192 members of the National Assembly, South Korea's legislature, voted in favor of the motion to impeach Han over a dispute involving the appointment of justices to the Constitutional Court, which is adjudicating President Yoon Suk-yeol's impeachment.
“Moreover, we highlight that the PH-KR FTA has broad base support in KR. Despite President Yoon not having control of Parliament, the KR legislators voted overwhelmingly in favor of the FTA approval received from 286 members, while only 3 opposed and 3 abstained,” Rodolfo said.
The BoI official expressed full confidence in the maturity and strength of South Korea’s democratic system and its dynamic economy.
“We do not doubt that PH and KR will be able to maximize mutual benefits arising from implementing the FTA,” he added.
The bilateral FTA with South Korea is projected to boost Philippine market access for tropical fruits, especially bananas and processed pineapples.
Under the FTA, exports of key Philippine products to South Korea, including fresh bananas, will enjoy zero tariffs within five years.
Other agricultural products from the Philippines that gained preferential market access to Korea through the FTA include yellowfin tuna, processed pineapple, pineapple juice, prepared or preserved oysters, fresh blue crabs, fresh guavas, fresh papaws or papaya, canned sardines, and fresh tilapia.
Beyond agricultural trade, the agreement is poised to foster economic cooperation to attract investments in forward-looking sectors such as critical minerals processing and electric vehicles and parts manufacturing.
For industrial products, Philippine menswear and other apparel goods such as trousers, shirts, jackets, and blazers also gained preferential market access to Korea.