The Philippines is hoping to attract more foreign investments and boost its exports once the Regional Comprehensive Economic Partnership (RCEP) trade deal takes effect as early as May, according to Trade department officials. READ:
Trucks with container vans are stuck in traffic in Manila in this file photo. — PHILIPPINE STAR/MICHAEL VARCASTHE PHILIPPINES is hoping to attract more foreign investments and boost its exports once the Regional Comprehensive EconomicAt the same time, top business groups cheered the Senate’s approval of the Philippines’ participation in the world’s largest trade deal which includes Australia, China, Japan, South Korea, New Zealand and members of the Association of Southeast Asian Nations .
“But more than that, investors that are eyeing the Philippines as a production hub will now be really implementing their intentions and their plans to set up manufacturing hubs in the Philippines and making their investments in our country,” Mr. Pascual said. “It is unimaginable to think if we are not part of RCEP or if we delay further its ratification as it will give undue advantage to RCEP participating countries which have ratified earlier as they gain better market access to their exports than those coming from the Philippines, and this will even erode the market shares of our exportables in the RCEP countries,” Mr. Lopez said.e, American Chamber of Commerce of the Philippines, Inc.
“When implemented, it will enhance competition policy, intellectual property rights, investment, technical cooperation, public procurement, among others,” the ECCP said. George T. Barcelon, Philippine Chamber of Commerce and Industry president, said RCEP will translate to more exports and create more jobs.
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