Philippine President Rodrigo Duterte is a controversial figure known for his tough stance on crime and his unfiltered comments. He has been in office since 2016 and has implemented several policies that have had significant impacts on the country’s economy, including its trade policy.
One of Duterte’s most notable economic policies is his “Build, Build, Build” program. This initiative aims to invest heavily in infrastructure projects across the country to promote economic growth and development. The government plans to spend around $180 billion over the next five years on these projects, which include new airports, highways, railways, and ports.
This ambitious infrastructure plan has already attracted foreign investors who are eager to take advantage of the opportunities it presents. In 2018 alone, Japan pledged $9 billion in aid and investments for Philippine infrastructure projects. China has also expressed interest in investing heavily in the country’s transportation network.
Duterte’s administration has also made efforts to strengthen ties with other countries through trade agreements. The Philippines is currently part of several free-trade agreements (FTAs), such as the ASEAN Free Trade Area (AFTA) and the Japan-Philippines Economic Partnership Agreement (JPEPA). These agreements have helped increase trade between participating countries by reducing tariffs and other barriers.
In addition to existing FTAs, Duterte’s government has also pursued negotiations for new ones. One such agreement that was recently signed is the Philippines-European Free Trade Association Free Trade Agreement (PH-EFTA FTA). This deal will eliminate tariffs on goods traded between the Philippines and EFTA member states – Switzerland, Norway, Liechtenstein, and Iceland – improving market access for Filipino exporters.
Another major trade agreement being negotiated by Duterte’s administration is the Regional Comprehensive Economic Partnership (RCEP). This partnership involves 15 Asia-Pacific countries including China, Japan, South Korea, Australia and New Zealand among others; it could create one of the world’s largest trading blocs. The RCEP aims to promote trade liberalization and investment as well as enhance regional economic integration.
Despite the positive effects of these trade agreements, Duterte’s administration has faced criticism for its approach to some issues. One area of concern is the treatment of workers in the country’s manufacturing industry. While the government has made efforts to increase wages and improve working conditions, labor groups argue that more needs to be done to protect workers’ rights.
Another issue is Duterte’s controversial war on drugs, which has resulted in thousands of deaths since its inception. This crackdown on illegal drugs has led some countries like Canada and Australia among others, to express concerns over human rights violations related to extrajudicial killings; this could potentially affect future trade deals with those nations.
Duterte’s stance towards China also raises questions about his commitment towards national interests given territorial disputes between both countries over South China Sea claims. Although he initially took a hardline stance against China over their territorial claims within Philippine waters, he recently shifted gears by adopting a more conciliatory approach which critics say may compromise his stand on sovereignty issues.
Nonetheless, Duterte’s policies have had a significant impact on the Philippine economy, particularly in terms of infrastructure development and attracting foreign investments through FTAs – despite criticisms from certain quarters domestically or internationally. The Government hopes that these measures will help boost economic growth further while creating opportunities for Filipinos across various sectors including Services sector such as tourism etc.. It remains to be seen how effective they will be in achieving these goals but it’s clear that Duterte remains committed towards promoting economic growth and development for his country through his ‘Build Build Build’ policy along with several other initiatives aimed at improving living standards for Filipinos within an increasingly competitive global market space.