EU, PHL race to conclude FTA before 2027 By Malou Talosig-Bartolome
T
HE European Union (EU) and the Philippines have substantially concluded the pivotal Trade and Sustainable Development (TSD) chapter in their Free Trade Agreement (FTA) negotiations, locking in binding commitments on human rights, labor rights, anti-corruption, and climate action. European Parliament officials visiting Manila confirmed that the TSD chapter is among nine now “provisionally closed,” marking a breakthrough in talks that negotiators hope to finalize within the year. The push comes as the Philippines’ preferential trade access under the Generalized Scheme of Preferences Plus (GSP+) is set to expire in 2027, raising the stakes for exporters
WORLD » A7
OIL PRICES STEADY AS US AND IRAN SIGNAL PROGRESS IN NUCLEAR TALKS
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
who currently enjoy zero tariffs on billions of euros worth of goods.
Biggest, most comprehensive trade deal
IF concluded, the FTA would be the largest and most comprehensive trade agreement ever secured by the Philippines. It would give Manila permanent access to the world’s largest trading bloc, home to nearly 450 million consumers and accounting for about 14 percent of global trade. On the other hand, the EU would gain access to the Philippines’s 112 million-strong domestic market, characterized by a young, digital-savvy population that is increasingly driving demand for e-commerce, fintech, and modern consumer goods.
Unlike many traditional trade deals, EU free trade agreements are deliberately comprehensive. The bloc requires that market access be paired with commitments on human rights, labor standards, environmental protection, and governance—reflecting EU law and values that mandate trade policy must also promote sustainable development.
Race against 2027
THE Philippines is the second-largest GSP+ beneficiary globally, exporting about €2.3 billion (P158 billion) tariff-free goods to the EU in 2024. Coconut oil, tuna, and electronics are among the top products benefiting from the scheme, which covers around 66 percent of EU tariff lines and has an 80-percent utilization rate.
Without a new FTA in place, Philippine exporters risk losing these privileges and facing sudden tariff reimpositions. “At the moment, the Philippines have access for around 6,200 products based on the so-called GSP+,” said INTA Chair Bernd Lange, stressing that the FTA must serve as a seamless replacement to preserve market access.
Anchoring trade on rights, governance
THE agreed TSD provisions commit both sides to the Paris Agreement on climate change and the 10 core International Labor Organization (ILO) conventions, including freedom of association, collective bargaining, and the abolition of child labor. See “FTA,” A2
BusinessMirror A broader look at today’s business
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
PHL EYES H2 FORAY IN GLOBAL BOND MARKET www.businessmirror.com.ph
n
Thursday, February 19, 2026 Vol. 21 No. 130
P25.00 nationwide | 3 sections 24 pages | 7 DAYS A WEEK
FROM ALTAR TO CELL, THE CROSS REMAINS Ash crosses marked foreheads across Metro Manila and Cavite on February 18, 2026, as Catholics began the Lenten season with prayer and fasting. Devotees filled the National Shrine of Our Mother of Perpetual Help in Parañaque, while Rev. Fr.
Michael James Ty of the Roman Catholic Diocese of Cubao administered ashes at the Immaculate Conception Cathedral of Cubao in Quezon City. In Rizal, a lay minister traced the sign of the cross on the faithful at the Our Lady of Light Parish, as Rev. Fr. Ravi Marneni marked senior high school students of the Las Piñas City National Senior High School CAA Campus at the Sto. Niño de CAA Chapel Mission Station. The observance extended inside the Bureau of Jail Management and Penology General Trias City Jail in Cavite, where Persons Deprived of Liberty also received ashes in a solemn rite. Ash Wednesday opens the Church’s most penitential season, a 40-day journey of prayer, fasting and almsgiving leading to Easter. NONIE REYES, BERNARD TESTA, NONOY LACZA, ROY DOMINGO, DENNIS ABRINA
T
By Reine Juvierre S. Alberto @reine_alberto
HE Philippines is eyeing another foray into the global bond market in the second semester, according to National Treasurer Sharon P. Almanza. After the Bureau of the Treasury’s auction of 10-year fixed-rate treasury notes, Almanza told reporters that the government has yet to borrow $2.5 billion as part of this year’s financing program. Almanza said the timing of any new offering would depend on market conditions, but the government is monitoring the US dollar bond market, as it is the “cheapest.” A follow-up issuance is “most probably” planned for the second half, she said, noting that the government is also tracking developments in other major currencies.
“We’re also monitoring Japanese yen and Euro,” the treasurer said. The Philippines is currently awaiting JP Morgan’s decision on its inclusion in the Government Bond Index for Emerging Markets (GBIEM) Global Diversified Index after the Philippine peso-denominated government bonds were placed on its positive watchlist. If the country were included in the index, this would help attract more foreign investments, increase liquidity and allow the government and eventually the private sector to See “Market,” A2
NICKEL ORE EXPORT EARNINGS IN ’25 SURGE TO DECADE HIGH By Ada Pelonia
E
@adapelonia
XPORT earnings from nickel ores and concentrates surged by nearly 41 percent to $1.47 billion in 2025, the highest level in over a decade, according to the Philippine Statistics Authority (PSA). Figures from the PSA showed that the value of nickel ores and concentrates exports leaped by 40.8 percent, from the $1.04 billion recorded in 2024. Historical data from the state statistics agency indicated that the latest figures were the highest level posted since the $1.72 billion in 2014.
PSA data also showed that the volume of nickel ores and concentrates exported stood at 55.08 million metric tons (MMT) last year, higher than the 44.97 MMT in the previous year. China, the top market for Philippine nickel ores and concentrates shipments in 2025, accounted for $989.07 million with a volume of 39.5 MMT. This was followed by Indonesia with $477.58 million for 15.45 MMT; and Japan with $4.86 million for 130,000 metric tons (MT). Global prices of nickel slumped to $15,162 per MT in 2025, from $16,814 per MT in 2024, the See “Nickel,” A2
DOE sets Feb 27 bid round for coal devt By Lenie Lectura
F
@llectura
OLLOWING its decision to not renew the coal operating contract (COC) of Consunji-led Semirara Mining and Power Corp. (SMPC), the Department of Energy (DOE) said Thursday it will launch a Pre-Determined Area (PDA) bid round for coal development and production on February 27. The auction will offer three coal areas covering a total of 18 coal blocks. These include 10 blocks in Semirara Island, Caluya, Antique; three blocks in Amulung and Iguig, Cagayan; and five blocks in Benito Soliven, Naguilian, and Cauayan, Isabela. The launch will mark Day 1 of the bidding program, with interested applicants given 60 days to submit their application documents. The deadline for submission is 11 a.m. on the 60th
day, followed by the opening of applications at 1p.m. on the same day. A presubmission conference will be held 20 days after launch to address bidder inquiries and clarify requirements. A PDA bid round is a competitive process where the government offers identified resource areas for development and production, and qualified parties participate under a transparent evaluation and award mechanism. By offering areas with established mineable reserves through a structured bid round, the DOE aims to ensure the orderly and responsible development and production of indigenous coal resources, while maintaining strict safeguards for public safety, environmental protection, and hostcommunity welfare. SMPC earlier asked the DOE for an extension of its COC that will lapse in July 2027. The DOE denied the request. However, SMPC claimed it See “DOE,” A2
PESO EXCHANGE RATES n US 57.9550 n JAPAN 0.3781 n UK 78.6565 n HK 7.4157 n CHINA 8.3952 n SINGAPORE 45.9122 n AUSTRALIA 41.0553 n EU 68.7172 n KOREA 0.0401 n SAUDI ARABIA 15.4538 Source: BSP (February 18, 2026)