Villafuerte said Republic Act 11960 will also complement a recent directive of President Ferdinand Marcos Jr. to concerned government agencies to implement programs and projects aimed at developing and promoting Philippine exports.
The Palace issued Memorandum Circular 23 last June 20 in connection with the President’s approval of the PEDP 2023-2028. Villafuerte explained that the OTOP Law seeks to support small entrepreneurs and stimulate economic activity, especially in the countryside. He said the enactment of the OTOP Law was also well-timed as the Philippines has just joined the Regional Comprehensive Economic Partnership , the biggest free trade pact that could benefit Filipino exporters by way of possibly higher sales of their lower-taxed goods to other RCEP member-economies.
Source: Law Daily Report (lawdailyreport.net)
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