Connect with us

Hi, what are you looking for?

News

Marcos committed to joining RCEP — Trade dep’t

President Ferdinand Marcos Jr. answers questions from the media after his first Cabinet meeting in Malacañan Palace, July 5. — PHILIPPINE STAR/ KRIZ JOHN ROSALES

THE Department of Trade and Industry said the Marcos administration is committed to signing up for the Regional Comprehensive Economic Partnership (RCEP). 

“President Ferdinand R. Marcos, Jr. is committed to ratify it (RCEP),” Trade Secretary Alfredo E. Pascual said in a radio interview on Wednesday.

Mr. Pascual said that the Philippines needs to join the RCEP, which foreign companies consider a must before investing in the Philippines.

“Those who want to invest in the Philippines… always ask when the Philippines is ratifying RCEP, because when they establish factories here for the export market, they would want to export to RCEP member countries,” Mr. Pascual said.

“If the Philippines is not a member of RCEP, it will not be entitled to reduced tariffs (that make it) competitive in the export market,” he added.

Touted as the world’s largest free trade agreement, RCEP started taking effect in the various jurisdictions on Jan. 1. The participating countries include the 10 members of the Association of Southeast Asian Nations, Australia, China, Japan, South Korea, New Zealand.

The Philippines has yet to sign on to RCEP after the Senate failed to give its concurrence in the previous Congress due to concerns by some Senators over the absence of safeguards for agriculture.  

According to Mr. Pascual, the agriculture industry enjoys adequate protections.

“There are critical agricultural items that will not be touched by RCEP. For other farm products, it would take years before lower tariffs take effect,” Mr. Pascual said. —  Revin Mikhael D. Ochave

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

REUTERS/ELOISA LOPEZ LOCAL SHARES are expected to move within a limited range this week as investors await the release of November consumer price index...

News

CRECENCIO I. CRUZ THE PESO may continue to strengthen against the dollar this week ahead of the release of November inflation data that could...

News

JULIAN ALVAREZ OF ARGENTINA — REUTERS AL RAYYAN, Qatar — Lionel Messi scored his first goal in a World Cup knockout round in his...

News

BETTINA Binaohan, Charmine Torres and Lee Sario backstopped Tchuido for the Lady Archers, who gained a separation at 61-52 midway through the fourth. —...

News

MARIE Antoinette San Diego — FIDE MARIE Antoinette San Diego has been dreaming of becoming national champion since childhood. The search for the 23-year-old...

News

LONDON — Britain’s Tyson Fury roared out a challenge to rival heavyweight world champion Oleksandr Usyk of Ukraine after retaining his WBC title with...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.