RCEP to drive more growth in digital, BPO sectors
The implementation of the Regional Comprehensive Economic Partnership (RCEP) Agreement could give an additional boost to the digital economy and Business Process Outsourcing (BPO) sector in the Philippines.
According to Department of Trade and Industry (DTI) Assistant Secretary Allan B. Gepty, the partnership could provide a “conducive environment for electronic transactions, promote cross border trade online, and foster cooperation and capacity building in the region.”
RCEP ensures that businesses will not be required to relocate their computing facilities to establish a presence in the region. It also ensures that the cross-border electronic transfer of information is “respected and will continue to be unhampered to facilitate [the] conduct of business.”
The DTI Asec stated that signing the deal will bring more investors in the country — particularly in the BPO industry — and will open more employment opportunities for Filipinos.
Services is one of the “strongest and fastest-growing sectors” of the Philippine economy. As of 2021 Q3, the sector accounts for 63.9% of the GDP.
Gepty emphasized that the country needs to “be part of this mega trade deal if we want to strengthen our niche in the BPO sector and build more opportunities in the digital economy.”
