RCEP should be Marcos’ top priority — DTI, PIDS
The ratification of the Regional Comprehensive Economic Partnership (RCEP) should be among the top priorities of Ferdinand “Bongbong” Marcos Jr. once he is seated as the President of the Philippines, said the Department of Trade and Industry (DTI) and Philippine Institute of Development Studies (PIDS).
During a forum, DTI Assistant Secretary Allan Gepty stated that the Philippines could lose a lot of opportunities if it did not join RCEP.
By joining the trade agreement, the Philippines is set to secure a net gain in the total trade balance by at least $128.2 million, increase overall welfare by $541.2 million, contribute to a 1.93% real GDP growth and lower poverty incidence by 3.62% by 2031.
RCEP also helped liberalize tariff rates which would then lower the prices of goods amid the increasing prices of commodities.
PIDS Senior Research Fellow Roehlano Briones added that Marcos could use his political capital — which he gained by winning the majority of the votes — to push through some very “epochal reforms” just like what President Rodriogo Duterte did during his term.
Briones also commented that the new administration could consider adopting the provision of income transfers instead of suspending excise taxes on fuel to deal with the inflation.
