Senate President Juan Miguel “Migz” F. Zubiri (Joseph Vidal/ Senate PRIB)
MANILA, Philippines — No endorsement has been sent to the Senate to discuss the Regional Comprehensive Economic Partnership (RCEP).
RCEP is a free trade agreement among Asia-Pacific nations.
During Wednesday’s plenary session, Senate President Juan Miguel Zubiri said that the Philippines is the only country in the region that has yet to sign the RCEP.
“Apparently, there have been no formal letters or endorsement of RCEP with this administration, except that the President [Ferdinand Marcos Jr.] was the one who asked me to pass it. Unfortunately, I guess his underlings have not sent us a formal notice to tackle this particular treaty,” Zubiri said.
“It’s not a question but maybe a request to the [Department of Finance] if they can act on it because apparently, we’re the only ones left in the region that has not signed it,” he continued.
He added that other countries are wondering why the Senate has not concurred for the ratification.
Senator Sonny Angara, the chairperson of the Senate committee on finance, shared that Finance Secretary Benjamin Diokno will confer with his colleagues to expedite the process.
Trade Secretary Alfredo Pascual earlier noted that concurrence to RCEP is one of the considerations of foreign investors.