PHL foreign-ownership regulations a hurdle for TPP entry — US envoy

THE UNITED STATES is engaged in talks with the Philippines to address areas of reform to get the country ready for the Trans-Pacific Partnership (TPP), with Washington considering it to be a significant economy that will eventually join the free-trade bloc “down the road,” Ambassador Philip S. Goldberg said.

“Down the road, we’ve said we expect other countries to join and certainly the Philippines will be a prime country to do so given the size of its economy, its place in the region and its growing economic pattern” Mr. Goldberg told the socalled ‘Pandesal Forum,’ hosted by a bakery in Quezon City, on Wednesday.

Mr. Goldberg said representatives from the US government have been in talks with their Philippine counterparts in preparation for entering the TPP.

“We’re urging the Philippines to identify those areas that might need changes,” he added.

He noted that reform legislation approved by Congress will help the Philippine case but added that potential amendments to the constitution are also part of the discussions.

The constitutional restrictions on foreign ownership of land and entry into certain industries are viewed as one of the major hindrances, running counter to the TPP goal of a liberalized system of trade among members.

Sought for comment, Assistant Secretary Charles C. Jose, Department of Foreign Affairs spokesperson, confirmed that technical consultations are still ongoing, but offered no further information on the time frame for the end of discussions. —