WAY FORWARD. Department of Trade and Industry (DTI) Secretary Alfredo Pascual (right), Senate President Juan Miguel Zubiri (2nd right), Senate Pro Tempore Loren Legarda (2nd left), and DTI Assistant Secretary Allan Gepty (left) discuss with the media the ways forward on Friday (Feb. 24, 2023) after the Senate recently ratified the Regional Comprehensive Economic Partnership. (PNA photo by Yancy Lim)
MANILA – Senate President Juan Miguel Zubiri on Friday maintained his stand in favor of the Philippines joining the Regional Comprehensive Economic Partnership (RCEP), which was ratified by the Upper Chamber on Tuesday with 20 affirmative votes, one negative, and one abstention.
In a media briefing held at the Manila Hotel, Zubiri emphasized that the Philippines cannot isolate itself among its neighbor countries when it comes to trade agreements that can benefit the Filipinos.
"Hindi po tayo pwedeng maging isolationist. Ibig ko pong sabihin, parang North Korea. Hindi po tayo pwedeng parang North Korea sa ASEAN (We cannot be an isolationist. What I mean is like North Korea. We cannot be like a North Korea to ASEAN). We have to join the largest trading group to avail of all the benefits for our people," he said.
Zubiri, along with Senate Pro Tempore Loren Legarda, sponsored Senate Resolution No. 485 or the Senate's concurrence to the ratification of the RCEP.
Both lawmakers have successfully answered queries from colleagues during the measure's interpollation that lasted two days.
Legarda, who guaranteed close monitoring of RCEP's implementation, will sit as the chairperson of the Special Oversight Committee for RCEP, which was created Wednesday.
"On Wednesday, we've elected the Special Oversight Committee and the Senate Pro Tempore is in-charge, our chairperson. She will now come up with an advisory board. Pati yung mga oppositors kasama na sa (The oppositors will also be included in the) advisory board," Zubiri said.
"Babantayan natin kaya salamat kay Senate President Zubiri at napaunlakan niya ang ating mungkahi na magtatag, hindi lamang ng oversight committee kung saan kasama ang liderato at mahahalagang chair ng mga komite, kundi na rin and isang resolusyon na nagpapaloob ng lahat ng hinihingi ng sektor na umaangal (We will keep watch and thanks to Senate President Zubiri for accommodating our suggestion to create, not only an oversight committee wherein the leadership and chairpersons of important committees are included, but also a resolution considering all the sentiments of sectors that have reservations)," Legarda assured.
The agriculture sector is among the groups that are opposing for the country's inclusion to RCEP insisting they are ill-prepared for the challenges posed by the trade agreement.
Zubiri reiterated that major agricultural products are not covered by RCEP
"Whether we join RCEP or not, it is a status quo, So, definitely joining RCEP would be to an advantage to many industries that need the export markets," he explained.
Department of Trade and Industry Secretary Alfredo Pascual noted in the briefing that RCEP's ratification in the Senate was a clear demonstration of the value of the close collaboration and cooperation between the executive and legislative branches of the government to boost the country’s economy.
"We take of the innovative approach adopted by the RCEP’s sponsor in the Senate. The idea of the creation of an oversight committee to monitor the implementation of RCEP is a welcome development and we see this as a signal to further intensify our efforts in support of our local stakeholders," Pascual said.
"The concurrence of the Senate on this important trade deal comes at a time when our President [Ferdinand Marcos Jr.] has been diligently promoting the country as a prime investment destination in the region. This supports our message that the Philippines is open for business -- and able and willing to provide a conducive business environment for the sectors," he added.
If fully utilized, the national government is expecting the RCEP to increase the country's gross domestic product by 2 percent.
Within eight years of joining RCEP, the Philippines will have an additional 1.4 million jobs by 2031, according to a study of Dr. Cesar Cororaton from Virginia Polytechnic Institute and State University in the United States.
This will be consisted of 308,000 jobs in agriculture, 77,000 industries, and 991,000 in services.
Pascual said the process of officially joining RCEP will have to start with a 30-day paperwork and another 60 days for the effectivity of the country's memebership to the trade agreement. (PNA)
