The DTI said securing Senate concurrence to the ratification of the Agreement becomes more urgent for the Philippines.
WITH the Regional Comprehensive Economic Partnership Agreement set to enter into force on January 1, 2022, the Department of Trade and Industry on Monday said joining the RCEP will boost the country’s chances of recovery from the impact of the Covid-19 pandemic.
Many economists and international organizations have already expressed views on the value and importance of the RCEP agreement to the Philippines and to the region. Dr. Francis Quimba, economist from the Philippine Institute for Development Studies , said non-participation to RCEP will cause the Philippines to miss out on this opportunity to facilitate the much-needed economic growth and recovery.
For his part, Dr. Caesar Cororaton, a Research Fellow at the Virginia Polytechnic Institute and State University and a Visiting Scholar at the De La Salle University , said RCEP is estimated to improve the country’s trade balance by as much as $128.2 million, increase overall welfare by $541.2 million, contribute to a 1.93- percent real GDP growth, and lower poverty incidence by 3.62 percent in 2031.
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