President Ferdinand R. Marcos Jr. (File photo)
MANILA – The ratification of the Regional Comprehensive Economic Partnership (RCEP), the world's biggest free trade agreement, shows the world that the Philippines is committed to economic openness, President Ferdinand R. Marcos Jr. said Wednesday.
On his official Facebook page and Twitter account, Marcos welcomed the Senate’s decision to concur in the ratification after just two days of plenary debates.
“We are proud of the swift ratification of the Regional Comprehensive Economic Partnership Agreement, demonstrating our commitment to openness and a thriving business environment,” Marcos said.
“Being part of this regional free trade agreement holds immense potential for promoting economic growth and development across the Asia-Pacific and brings numerous opportunities for our country, particularly in the areas of agriculture, manufacturing, and micro, small and medium enterprises (MSMEs),” he added.
Last week, Marcos said the ratification of the RCEP trade deal would allow the Philippines to further strengthen its agricultural value chain, thus making it more competitive.
He also brushed off criticism that it may negatively affect the country’s agricultural sector, saying that it will actually make the country open to "different non-traditional suppliers of agricultural inputs" and other "agricultural commodities" which can help in his administration's push for food security.
Earlier, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said RCEP would not lead to an influx of imported agricultural commodities in the country, as only 15 out of 33 tariff lines with reduced rates were agricultural commodity groups.
The Senate voted 20-1-1, with Minority Senator Risa Hontiveros voting against RCEP while the President’s sister, Senator Imee Marcos abstained.
Senators Pia Cayetano and Francis “Chiz” Escudero were not present during the voting.
Senate President Juan Miguel Zubiri and Senate President Pro Tempore Loren Legarda co-sponsored the resolution.
The Philippines is the last signatory country that ratified RCEP since it was concluded on Nov. 15, 2020 after eight years of negotiations.
It is a comprehensive trade and investment agreement initiated by the 10 Association of Southeast Asian Nations (ASEAN) members with its free trade agreement (FTA) partners -- China, Japan, South Korea, Australia and New Zealand.
The FTA has entered into force since Jan. 1, 2021, for those participating countries that ratified RCEP early.
Among the country’s benefits in joining the RCEP include zero or lower import tariffs for Philippine products that will enter the shores of its free trade partners; wider sourcing of raw materials for Philippine manufacturers; stable and predictable business environment; integrating micro, small, and medium enterprises into the global value chain; allowing Filipino professionals to practice their profession in RCEP areas; stronger protection for intellectual property rights; and access to economic and technical cooperation support to boost the country’s competitiveness, among others. (PNA)
