The Department of Trade and Industry (DTI) will submit a request to ratify the Regional Comprehensive Economic Partnership (RCEP) to President Rodrigo Duterte this June.
The RCEP aims to allow free movement of goods, services, and investments among 15 participating countries – Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, and its six FTA partners that include Australia, New Zealand, China, India, Japan, and South Korea.
DTI Assistant Secretary Allan Gepty said that under RCEP, the Philippines will have the opportunity to attract more Chinese investments and more service providers and investors. In addition, the RCEP will help the country strengthen its economic ties with other participating countries.
“Under RCEP, the Philippines can position itself as an investment hub, innovation hub, manufacturing hub, and the center for training and education in the region,” Gepty added.