Connect with us

Hi, what are you looking for?

News

RCEP to take effect in PHL by June — official

THE REGIONAL Comprehensive Economic Partnership (RCEP) will likely take effect for the Philippines around June, a Trade official said on Tuesday.

This as the Department of Trade and Industry (DTI) aims to deposit the instrument of ratification for the Philippines’ participation in the mega-trade deal by April 3.

“On or before April 3, we plan to deposit the instrument of ratification. We still have to deposit the instrument of ratification and then you’ll have to count 60 days from deposit and then the RCEP will take effect for the Philippines,” Trade Assistant Secretary and Philippines’ lead negotiator for RCEP Allan B. Gepty told reporters on the sidelines of an event in Makati City.

The Philippines was the last participating country to ratify the RCEP after the Senate gave its concurrence on Feb. 21. The ratification faced delays due to concerns over the safeguards for the local agriculture sector.   

Mr. Gepty said the RCEP will take effect in the Philippines around June if the instrument of ratification is sent to the Association of Southeast Asian Nations (ASEAN) secretary-general by April 3.

Asked about the delay, Mr. Gepty said the Philippines has yet to finish the domestic preparations needed before the RCEP’s implementation. Previously, the DTI said the RCEP is expected to take effect around May. 

“When RCEP takes effect, we should be done with the necessary issuances. We have to make all the necessary issuances like executive order (EO) and Customs memorandum order so that we will have no problems in the implementation part. The preparations should jibe,” he added.

Mr. Gepty previously said President Ferdinand R. Marcos, Jr. will issue an EO that will contain the schedule of the country’s tariff commitments. This EO will be used by the Bureau of Customs as a basis to apply the tariffs under the RCEP.   

Billed as the world’s biggest free trade agreement (FTA), the RCEP involves a third of the global economy as the participating countries include the members of ASEAN, Australia, China, Japan, New Zealand, and South Korea. The RCEP officially entered into force on Jan. 1 last year.   

RCEP participating countries are expected to have increased trade among RCEP participants as the FTA allows minimal to zero restrictions on quantity, tariffs, or import taxes.

“Philippine exporters gain a market of 15 countries representing nearly 30% of the world’s population, economy, and trade. RCEP gains outweigh the losses. Among others, we need to take advantage of the enhanced trade facilitation provisions that make cross-border trade simpler and faster,” Trade Secretary Alfredo E. Pascual previously 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

Attention to all the gamers out there: vivo‘s got the smartphone for you! Whether it’s Mobile Legends or Call of Duty, the vivo Y35...

News

Fans applaud Angge and Bryce’s undeniable chemistry, and wait for their interactions in each Ang Lalaki sa Likod ng Profile episode. Since its premiere...

News

Hann Casino Resort, the first fully integrated resort in Central Luzon, now stands as an iconic landmark in Clark Freeport Zone as it flaunts...

Editor’s Pick

<?xml encoding=”utf-8″ ?????????> The windfall tax on oil and gas firms will be suspended if prices fall to normal levels for a sustained period,...

News

One of the first things that come to mind when you become financially independent is the excitement of finally having your own money to...

News

Smartphone screen showing the countries where GCash can be used with international SIMs GCash users can now opt for a hassle-free, cashless payment method...

You May Also Like

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...

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

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

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...

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.