DTI chief, biz orgs push for immediate RCEP ratification
MANILA, PHILIPPINES — Department of Trade and Industry (DTI) Secretary Alfredo Pascual and several business organizations are pushing for the immediate ratification of the Regional Comprehensive Economic Partnership (RCEP).
According to Pascual, the country’s integration into the RCEP could make it more “investment-friendly” and bring stability to international trade and investment.
Meanwhile, Financial Executives Institute of the Philippines (FINEX) President Michael Guarin said that the country would be at a great disadvantage if it is not part of the agreement as “most of the country’s largest trading partners are members of RCEP.”
European Chamber of Commerce of the Philippines (ECCP) President Lars Wittig added that further delays on the ratification of RCEP would entail a loss of significant opportunities in export markets, investments, and jobs for Filipinos.
Philippine Chamber of Commerce and Industry (PCCI) President George Barcelon also stated that shutting the country out of RCEP “is not advisable” as it would bring more support in technology and finances, particularly in the agricultural sector.
On the other hand, Dr. Rene Ofreneo, former undersecretary for Labor Relations of the Department of Labor and Employment (DOLE), said that the country is not really ready for the RCEP.
“We need a strong capability and readiness program for both industry and agriculture because we are failing in price of products and domestic support such as infrastructures credit, technical assistance, cheap power, etc.,” said Ofreneo.
It is because “free trade means a fiercer competition, and the winners are the most capable in terms of quality,” he added.
