Manila, Jan. 16 -- Malacanang said Friday the historic free trade agreement between the Philippines and the United Arab Emirates (UAE) is expected to generate more jobs, reduce consumer prices, and open wider opportunities for Filipinos.

Executive Secretary Ralph Recto said the Comprehensive Economic Partnership Agreement (CEPA) marks the Philippines' first free trade agreement with a Middle Eastern country, opening access to one of the world's fastest-growing markets and deepening ties with the Gulf region.

"Isa itong malaking hakbang para palawakin ang global trade footprint ng Pilipinas. Para sa bawat Pilipino, ang ibig sabihin nito ay mas maraming dekalidad na trabaho, mas abot-kaya ang presyo ng bilihin, at mas maraming oportunidad...