PADILLA, Gio A.

BSA – 2B

1. If you are the Chief Executive Officer of the Philippines, what country in the world do
you want to have a Bilateral Trade Agreement, and explain why?

According to the World Bank, Japan is the Philippines’ number one economic partner both in
export and import flow. This is particularly strengthened by PJEPA (Philippines-Japan Economic
Partnership Agreement), Philippines’ only bilateral agreement as of today. It covers trade in goods
and services, investments, movement of natural persons, customs procedures, intellectual property,
and improvement of business environment with the elimination of trade barriers such as tariffs and
import quota. This agreement has proved to be helpful in developing the economy of both
countries, even 14 years after its implementation.
If I will sit as the Chief Executive Officer of the Republic of the Philippines, I will look into
economic data to look for the best possible country to sign a bilateral trade agreement with. A
country which has a longstanding relationship with ours, founded by common interests and shared
legal and diplomatic processes that resulted to mutual security, peace, stability and economic
prosperity. The 70-year partnership between the Philippines and the United States of America is a
living proof of the possibility of a healthy economic partnership like the bilateral trade agreement.
As the number one export country in the Philippines, we can alleviate the processes that
traditionally happens in US trade if the bilateral trade agreement will be ratified. Trade balance
will improve and our country will benefit more to the United States’ export market. Also,
businesses in our country can freely expose themselves to the global superpower, gaining the
potential for the Philippines to be a better import supplier. Investments will be more fluid and
result to higher GDP such as in electronic and transport technology and minerals. In terms of
movement of natural persons (MNP), there is a rising number of Filipino Immigrants (4.2 million,
as of 2019) in the United States for past years, including Overseas Filipino Workers who contribute
much to the Philippine Economy. Also, there is a strong people-to-people connections like
longstanding institutions, including student programs that the Philippines and U.S. interchange
scholars yearly. The implementation of the Philippines-U.S. bilateral agreement will enforce the
countries’ economic security as based on regularly discoursed Trade and Investment Framework
Agreement (TIFA).
Even with me catching the opportunity for major economic development, a nation’s pledge to
peace, stability, and prosperity will drive development forward not just locally, but also around
the world.
References:
Philippines Exports by country 2019 | WITS Data (worldbank.org)
Philippines-US Joint Statement (dfa.gov.ph)
2020 Overseas Filipino Workers (Final Results) | Philippine Statistics Authority (psa.gov.ph)