A 16-4 majority in the Philippine senate voted to ratify the Japan-Philippine Free Trade Agreement (JPEPA) late on Wednesday night, according to My Sinchew.com.
The long put off deal was ratified by the Japanese government last year, and a pact for the FTA was signed by Philippine president Gloria Arroyo and then Japanese prime minister Junichiro Koizumi back in 2006.
The deal has been delayed by concerns it heavily favours Japan, and will turn the Philippines into a dumping ground for toxic waste and harm local business.
The Philippine government, however, sees the agreement as a stabilising force for the country’s trade in Asia.
Senator Mar Roxas said the deal would boost the Philippines’ competitiveness. “We are witnessing a financial tsunami going around the financial centres around the world,” he said. “It is timely that we acted on JPEPA at this time.”
Japan is the Philippines’ second largest market for agricultural produce, mainly for pineapples, bananas and other fruit.
The Philippine government had claimed the deal could be worth up to US$4bn in Japanese investment, expected to create more than 330,000 jobs.
Environmental groups have expressed concern Japan would seek to dump its toxic waste in the country, but Philippine officials have denied any such possibility.
