RP warned of free trade

RP warned of free trade

MANILA (Reuter): The Federation of Philippine Industries (FPI)
yesterday warned of dire consequences if the country agrees to
lower all trade barriers by year 2000.

"Practically, all domestic and foreign investments in
manufacturing for the domestic market will grind to a halt," FPI
president Raul Concepcion told a news conference.

He said domestic industries will no longer modernize their
facilities since Filipinos will rely on cheap foreign goods.

"We have to take into consideration the stage of economic
development of each country and its population. It is
understandable why countries like Singapore and Brunei with
hardly any industries and a small population are advocates of a
rapid free trade," Concepcion said.

He was commenting on moves within the Association of Southeast
Asian Nations to speed up the development of a free trade area in
the region.

The association, which groups Indonesia, Singapore, Thailand,
Malaysia, Singapore, the Philippines, Brunei and Vietnam, is
currently meeting in Thailand.