House adopts resolution backing Senate’s possible ratification of RCEP
MANILA, Philippines — A resolution that supports several senators’ bid to ratify the Regional Comprehensive Economic Partnership (RCEP) has been adopted by the House of Representatives.
House Resolution No. 728, filed by Speaker Ferdinand Martin Romualdez and other House leaders last January 26, was adopted by the lower chamber during its session on Tuesday.
The resolution was approved via viva voce or voice voting.
It was sponsored by Ilocos Norte 1st District Rep. Ferdinand Alexander Marcos at the plenary, while Leyte 3rd District Rep. Anna Victoria Veloso-Tuazon introduced a minor amendment on the date.
The RCEP is a deal made by member-states of the Association of Southeast Asian Nations (Asean) with free trade agreement (FTA) partners like China, Japan, South Korea, and Australia and New Zealand, which seeks to lower tariffs on imports — opening gates for more imported goods.
This is said to cover 50.4 percent and 67.3 percent of the Philippines’ export and import markets, respectively, and 58 percent of the country’s sources of foreign direct investments.
As the Senate is the legislative body tasked with ratifying international deals, the upper chamber of Congress has discussed the proposal.
As of Friday, it was reported that 16 member-senators of the subcommittee on RCEP have already signed the committee report.
