Speaker Ferdinand Martin Romualdez (INQUIRER FILE PHOTO)
MANILA, Philippines — House Speaker Martin Romualdez is optimistic that the Regional Comprehensive Economic Partnership (RCEP) will enable the country to attract foreign investors and create more jobs for Filipinos.
Lawmakers pushing for the immediate ratification of the RCEP by the Senate found an ally in Romualdez and three other representatives, who authored a measure backing the ratification.
“By immediately ratifying the RCEP, the Philippines can sooner benefit and take the advantages of this mega-trade deal that could attract more foreign investors, create more job opportunities, and curb the unemployment and poverty rates in the country,” Romualdez said in a statement on Monday.
He and House Majority Leader Manuel Jose Dalipe, Senior Deputy Majority Leader Ferdinand Alexander Marcos, and Batangas Rep. Mario Vittorio Marino coauthored House Resolution No. 728.
Filed on Jan. 26, the measure expressed the lower chamber’s full support for the ratification of the RCEP by the Senate.
Last week, President Ferdinand Marcos Jr. reiterated his support for the ratification of the RCEP as it would open up more markets for the Philippines and help boost economic growth.
A trade agreement that covers trade areas for goods, services and investments, sustainable growth, and business environment, the RCEP was signed by the Philippines in November 2021.
The RCEP involves the 10 member-states of the Association of Southeast Asian Nations and five other countries — Australia, China, Japan, New Zealand, and the Republic of Korea.
It seeks to lower tariffs on imports, hence opening the gates for more imported goods.
In the case of the Philippines, this will cover 50.4 percent and 67.3 percent of the country’s export and import markets, respectively; and 58 percent of the country’s sources of foreign direct investments.
The House resolution said the RCEP is expected to address this as it is designed as a “framework for economic and trade cooperation” in the Asia- Pacific region.