THE economic managers, including the current and incoming secretary of trade, are making a final push for ratification this week of the Regional Comprehensive Economic Partnership , but its fate at the Senate remains uncertain.
However, Socioeconomic Planning Secretary Karl Kendrick Chua urged senators to vote in favor of ratification, stressing such will benefit the agriculture sector and the entire country. He added: “We hope the Senate will urgently ratify the RCEP this week, given its urgency and large benefits to the country.”
The Philippine Institute for Development Studies , in December 2021, estimated that participating in the RCEP could provide a 10.47-percent increase in the country’s exports and a 2.02-percent increase in real gross domestic product . Factors that enable this include the lower transaction costs as a result of wider sourcing of raw materials for sectors in manufacturing and inputs for agricultural production, said PIDS.
“Yes that’s one argument why we can go ahead with the ratification by the Senate of RCEP because the impact on the agricultural sector is not as being imagined,” said Pascual.
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