IMPLEMENTATION of a recently approved free trade agreement (FTA) between the Philippines and South Korea will lead to substantial tariff savings for locally produced goods, Trade department officials said last week.
In particular, phased tariff cuts for banana exports — South Korea is the Philippines' third-largest market for the fruit — could potentially hit up to $25.2 million by the end of next year, Export Management Bureau (EMB) director Bianca Sykimte told reporters on Thursday.
