The Department of Trade and Industry (DTI) is hoping that senators will tackle and ratify the Regional Comprehensive Economic Partnership (RCEP) when the Senate reconvenes on May 23.
The Department of Trade and Industry is hoping that senators will tackle and ratify the Regional Comprehensive Economic Partnership when the Senate reconvenes on May 23.
The trade assistant secretary also cited some of the specific benefits of joining RCEP, which are improved trade balance, increased welfare and lower poverty incidence. Gepty also cautioned that it would be detrimental for the Philippine economy to shun participation in RCEP, saying trade investments and other opportunities may be diverted to other economies.
As the Philippines transitions to the new administration, Gepty noted that the international reputation of presidential frontrunner Ferdinand “Bongbong” Marcos Jr.’s family won’t necessarily affect the country’s ongoing trade relations with some of the country’s key partners.