Philippines urged to sign RCEP regional trade treaty

MANILA – The Philippines should quickly ratify the Regional Comprehensive Economic Cooperation free trade agreement as it may lose out on massive economic benefits from the deal, several experts said on Wednesday.

"Based on what I have estimated, we've shown that there will be a marked increase in improvement of exports," Quimba explained. "Of course, imports would also increase but then the results that was I able to generate is that we'll have a higher growth on exports." Trade Secretary Ramon Lopez also said trade and investments would be diverted away from the country to the detriment of local businesses if the Philippines misses out on the free trade deal.

"The benefits are very clear but there's a lot of things that we need to handle in terms of customs, e-commerce. It's not only in the law but also in terms of the procedures," Pascual noted. Likewise, he said, the DTI has been launching several industry roadmaps for the artificial intelligence, innovation, manufacturing, as well as training and education sectors to prepare local businesses.

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