President Ferdinand “Bongbong” Marcos Jr. (file photo)
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Wednesday said he is proud of the country’s swift ratification of the Regional Comprehensive Economic Partnership Agreement (RCEP), which he said demonstrates the Philippines’ thriving business environment.
Marcos said being part of the agreement brings “numerous opportunities” for the Philippines, particularly in agriculture, manufacturing, and micro, small, and medium enterprises.
“We are proud of the swift ratification of the Regional Comprehensive Economic Partnership Agreement, demonstrating our commitment to openness and a thriving business environment,” he said in a Twitter post.
“Being part of this regional free trade agreement holds immense potential for promoting economic growth and development across the Asia-Pacific and brings numerous opportunities for our country, particularly in the areas of agriculture, manufacturing, and micro, small, and medium enterprises,” the President added.
The Senate ratified on Tuesday the RCEP, with 20 senators voting for Senate Resolution No. 485. The Philippines is the last country to ratify the pact.’
The RCEP is a free trade agreement among the five members of the Association of Southeast Asian Nations and five other countries — Australia, China, Japan, South Korea, and New Zealand.
According to Marcos’ Twitter post, the RCEP will allow wider access to Philippine products in the international market.
There will also be zero or lower tariffs on export products and more opportunities for skilled Filipino professionals and businesses.
Despite projected benefits, however, at least 100 groups urged the Senate to reject RCEP as the “lives and welfare of millions of farmers, fishers, workers and other stakeholders are at stake.”