The country’s investment promotion agencies (IPAs) and some business organizations have called for the immediate concurrence of the Regional Comprehensive Economic Partnership (RCEP) by the Senate.
The IPAs and business groups said the Philippines cannot afford to delay or not participate in the RCEP, which is now the world’s largest free trade agreement (FTA).
“The RCEP Agreement promotes greater openness, creates a more business-friendly environment, encourages closer integration of economies, and provides a more stable and predictable rules-based system of trade. These all together establish the countries in RCEP as more attractive investment destinations,” the joint statement said.
The joint statement was signed by the Philippine Economic Zone Authority, Authority of Freeport Area of Bataan, Aurora Pacific Economic Zone and Freeport Authority, Clark Development Corporation, Cagayan Economic Zone Authority, John Hay Management Corporation, Poro Point Management Corporation, Regional Board of Investments-Bangsamoro Autonomous Region in Muslim Mindanao (ARMM), Subic Bay Metropolitan Authority, Subic-Clark Alliance for Development Council, Zamboanga City Special Economic Zone Authority, Japanese Chamber of Commerce and Industry in the Philippines, Tuna Canners Association of the Philippines, and Canned Sardines Association of the Philippines.
“In this respect, the Philippines’ immediate participation in RCEP is important as it will allow firms in the country, particularly those geared towards exports, to benefit from the lowering of trade barriers, and improved market access for goods and services in 14 export destinations,” they said.
The IPAs and business groups added that RCEP offers broader and cheaper sourcing of raw materials that will help the country’s goal to be the manufacturing and development hub in the region.
They added that the country’s participation in RCEP will facilitate in attracting foreign direct investments (FDIs).
“The RCEP region remains to be a strong bastion for economic activities and opportunities as trade and investment shift to Asia,” the IPAs and business groups said. “With the foregoing, we call on the Philippine Senate to immediately concur with the ratification of the RCEP agreement.”
President Rodrigo Duterte has ratified the country’s participation in RCEP in September last year.
It needs the Senate’s concurrence for the country to deposit its instrument of ratification.
The deal will take effect 60 days after depositing the ratification document.
Source: Philippines News Agency
