FILE PHOTO: Senate President Juan Miguel “Migz” F. Zubiri briefs reporters on the Regional Comprehensive Economic Partnership (RCEP) agreement Tuesday, February 7, 2023. – According to Zubiri, the RCEP is seen to create 1.4 million jobs for Filipinos by 2031, in response to queries during the plenary session at the Senate on Monday, February 20, 2023. (Joseph Vidal/Senate PRIB)
MANILA, Philippines — The Regional Comprehensive Economic Partnership (RCEP) is seen to create 1.4 million jobs for Filipinos by 2031, Senate President Juan Miguel Zubiri said Monday.
During the Senate plenary session, Zubiri and Senate President Pro Tempore Loren Legarda answered their colleagues’ questions on RCEP as they sponsored the bill.
Senator Sherwin Gatchalian asked the sponsors how many jobs can be generated through RCEP.
To which, Zubiri replied: “The study, the ADB’s (Asian Development Bank) Economics Working Papers series — the benefits of trade policies such as RCEP reflects shifts in employment from low-productivity to high-productivity jobs and it’s estimated by 2031, the projected additional jobs — conservative po ito (this is a conservative figure) — is 1.4 million Filipinos, mostly in the service sector.”
The breakdown of the 1.4 million jobs is:
Agriculture – 308,490 jobs
Industries – 77,683 jobs
Services – about 991,000 jobs
“So, it’s almost about 1.4 million. That’s a lot of Filipinos living a better life,” Zubiri stressed.
READ: PH decision on RCEP goes to Senate plenary
Previously, at least 100 groups called on the Senate to reject RCEP, the world’s largest free trade agreement.
READ: RCEP: 100 groups ask Senate to reject world’s biggest free trade pact
Critics argued that “lives and welfare of millions of farmers, fishers, workers and other stakeholders are at stake” with the ratification of RCEP.
READ: RCEP won’t harm PH agri sector, farmers — Zubiri
RCEP is a trade pact between Association of Southeast Asian Nations member states, Australia, China, Japan, South Korea, and New Zealand.
The Philippines is the only nation that has not ratified RCEP.
READ: AmCham, Ecop back RCEP, urge Senate to ratify measure