The Center for Global Development in Washington D.C. ranked the Philippines as the most resilient economy among 21 countries studied. Our island nation ranked number one above South Korea and China, second and third respectively.fi]

The country is also considered among the most entrepreneurial countries in the world in a report produced by Approved Index.[2]

The Philippines is now considered a highly competitive player in the market of foreign direct investments thanks to our robust economy and the great potential of our workforce.

In 2014, our country’s net foreign direct investments reached a record-breaking 6.2 billion U.S. dollars – a stark improvement from our 2010 net FDI of 1.07 billion U.S. dollars.[4]

To maintain this competitiveness, we need to improve trade negotiation and facilitation and ensure that we have a cohesive and coherent trade policy that upholds the country’s national interest.

The Charter of the Philippine Trade Representative Office kick-starts this initiative by creating the Philippine Trade Representative Office or PTRO. The PTRO is tasked to consolidate and harmonize all existing functions from various government agencies such as the Bureau of International Trade Relations under the Department of Trade and Industry (DTI), Attaches and Permanent Missions to the World Trade Organization (WTO), Association o f Southeast Asian Nations (ASEAN) and United Nations International Organization (UNIO), and the trade negotiating and policy making functions of the Tariff and Related Matters Committee (TRMC). This is in order to enhance the formulation of domestic and national priorities that should drive our trade positions and negotiations.

The PTRO shall also form the Multi-Sectoral Advisory Committee (MSAC) that will compose members from both government and civil society, including representatives from the agriculture industry, labor sector, small business, service sectors, retailers and consumer groups, to advice the office on trade matters in relation to the country’s achievement of its economic goals.

Our country is now open for business. Let’s pass the Charter of the Philippine Trade Representative Office to bolster our positions and voice in the international trade community.

In view of the foregoing, the approval of this bill is earnestly sought.