RP committed to AFTA

RP committed to AFTA

MANILA (AFP): The Philippines' commitment to a Southeast Asian
free trade area is "total" despite challenges resulting from the
regional financial crisis, the country's chief economic planner
said Thursday.

"Our commitment to a single ASEAN market is total," Economic
Planning Secretary Felipe Medalla said in a conference sponsored
by the foreign correspondents' club here, referring to the
Association of Southeast Asian Nations Free Trade Area (AFTA).

"We cannot bring up tariffs again just to save businesses
which are sinking," he added.

Medalla cited the case of National Steel Corp. which was
forced to shut down late last year due to heavy debts. The
government rejected the company's appeal to raise import tariffs
on steel products.

Under the AFTA scheme, ASEAN's more developed economies of
Brunei, Indonesia, Malaysia, the Philippines, Singapore and
Thailand have agreed to bring down tariffs to zero-to-five
percent on most products by 2002.