Local, foreign biz groups push for RCEP okay

By Andrea E. San Juan

SAYING the country cannot afford to be left behind much further, local and foreign business chambers have expressed support anew for Senate ratification of the Regional Comprehensive Economic Partnership (RCEP), which top Senate leaders endorsed in plenary last week.

S ergio Ortiz-Luis, president of the Employers Confederation of the Philippines or ECOP, said that “among our ASEAN neighbors, we are at the tail end.”

He said ratification by the Senate, which was reported to have set the voting on Tuesday, “will bring us competitive with others, at least to a certain degree. We can’t afford not to have trade agreements and, at the same time, to not be part of it,” he said.

Everyone has joined already,” he added.

T he Philippines is the only one among the 10 member-states of the Association of Southeast Asian Nations or ASEAN and its five free trade agreement (FTA) partners, namely Australia, China, Japan, New Zealand and South Korea, which has not ratified the agreement.

R elatedly, the Philippine Chamber of Commerce and Industry (PCCI) called on the Senate anew to ratify the RCEP Agreement, which it said will play a “key role” in sus - taining the Philippines’s “growth trajectory.”

I n a letter to Senate President Juan Miguel Zubiri, PCCI President George T. Barcelon said, “RCEP will play a key role in sustaining the Philippines growth trajectory, provide unparalleled opportunities for Philippine businesses and prime the country for further economic growth and development.”

T he PCCI head also cited the consequences of not participating in the regional trade deal, including putting the country’s exports at a disadvantage considering RCEP’s “growing area.”

We cannot afford to miss out on the RCEP. Non-joining will disad - vantage our exports in the world’s fastest growing area. Furthermore, it is detrimental to our goal to bring in foreign investments as investors would rather look at an RCEP signatory country to obtain preferential treatments among the RCEP countries,” Barcelon stressed.

However, he added, the country must also be able to provide safeguards so that concerns, especially of the agriculture sector, are properly addressed.

B esides the economic advantages, Barcelon highlighted that the Philippine business can “fully” enjoy the opportunities offered by the trade agreement.