RCEP to bring more investments to PH

Finance Secretary Benjamin Diokno said on Wednesday the Regional Comprehensive Economic Partnership (RCEP) would provide enhanced trade, strengthen business environment, attract more investments, create jobs and support post-pandemic recovery, according to a report by ABS-CBN.

The Senate on Tuesday approved the resolution concurring the ratification of the RCEP, with 20 Senators voting in favor of the measure. 

“The ratification of the RCEP is key to a more open, transparent, and predictable trade and investment environment. Deeper economic integration among the RCEP member states will expand the country’s market access for goods and services, attract more investments, and create more and better jobs,” Diokno said in a statement.

RCEP is the largest regional free trade agreement in the world, accounting for 30 percent of the world's population, 29 percent of gross domestic product (GDP), 29 percent of trade and 33 percent of global inward investments in 2020, the Department of Finance said.

Diokno said Filipinos would also benefit from economic and technical cooperation support to strengthen their competitiveness. Zero or lower tariffs will give Philippine exports more access to bigger markets, he added.

Manufacturers will have wider sources of raw materials while skilled Filipino professionals and businesses in construction, engineering, and banking services will have preferential treatment to practice their professions in participating nations, the DOF said.