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.