The World Trade Organization (WTO) has flagged the Philippines' high trade costs, according to a report by BusinessWorld Online. The WTO's latest Trade Policy Review noted that the country's trade costs remain elevated compared to regional peers, hampering its integration into global supply chains.
The review pointed to several factors contributing to high trade costs, including inefficient logistics infrastructure, complex customs procedures, and regulatory barriers. These issues raise the cost of importing and exporting goods, making Philippine products less competitive internationally.
The WTO recommended that the Philippines streamline trade processes, invest in port and transport infrastructure, and adopt digital trade facilitation measures. Addressing these bottlenecks could lower trade costs and boost the country's export potential and economic growth.