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The senior economist of the Marcos administration is certain that the new free trade agreement (FTA) will support the expansion of the nation’s economy as the Senate agreed to ratify the Regional Comprehensive Economic Partnership (RCEP) on Tuesday evening.

Arsenio Balisacan, the secretary of the National Economic and Development Authority (NEDA), congratulated the Senate for making the “bold and game-changing decision” of approving the RCEP, which will enable the Philippines to carry out its promises and benefit from the trade agreement.

Balisacan tweeted, “The Regional Comprehensive Economic Partnership has finally been ratified by the Philippine Senate, giving another engine for boosting the economy and making it part of quickly rising Asia.

The NEDA director highlighted that the RCEP would not result in an influx of imported agricultural commodities into the country a day before the Senate gave its approval, since only 15 out of 33 tariff lines with decreased rates were agricultural commodity groupings.

Alfredo Pascual, secretary of the Department of Trade and Industry (DTI), has hailed the Senate’s approval of the Philippines’ new FTA. His department is leading the nation’s offensive effort in the RCEP negotiations.

Pascual wrote on Facebook that the Regional Comprehensive Economic Partnership (RCEP) is a “modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement that will further promote the economic efficiency of member states, strengthening links in sectors like manufacturing, technology, agriculture, and natural resources, as well as reinforcing MSME participation in the global value chain networks.”

After eight years of discussions, the RCEP was finally finalized on November 15, 2020, with the Philippines being the last signatory nation to do so.

With its FTA partners, China, Japan, South Korea, Australia, and New Zealand, the 10 ASEAN states have started a comprehensive trade and investment deal.

For those member nations who signed RCEP early, the FTA has been in effect since January 1, 2021.

In a Viber message to the Philippine News Agency (PNA), DTI Assistant Secretary Allan Gepty stated that the government’s next move is to lodge the ratification instrument.

Gepty, who is also the senior negotiator for the Philippines in the RCEP, stated that it will go into force 60 days after the deposit was received.

With about one-third of the world’s population, GDP, commerce, and inward investments, RCEP is currently the largest regional trading bloc in the world.

As a member of the RCEP, the Philippines will gain access to a wider range of raw materials for its manufacturers, a stable and predictable business environment, integration into the global value chain, freedom for Filipino professionals to practice their profession in RCEP areas, and stronger protection for intellectual property rights.

Twenty senators voted in favor of ratifying the RCEP. Sen. Imee Marcos didn’t participate in the vote, and Sen. Risa Hontiveros cast a negative vote.

RCEP has been listed as one of President Ferdinand R. Marcos Jr.’s top priorities.

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Amenah Pangandaman, secretary of the Department of Budget and Management, emphasized the need to fully utilize the advantages of the trade deal in a separate statement.

The RCEP Agreement, according to Pangandaman, who was present for the discussions on Tuesday at the Senate session hall, “would advance our economic commerce with participating Asia-Pacific nations.”

“We must take advantage of the agreement’s advantages since it will give the Filipino people a greater opportunity for improved economic outcomes. All in the name of our Plan for Prosperity,” she declared, referring to the eight-point Socioeconomic Agenda and the Medium-Term Budget Framework, which are the administration’s two main policy documents.

She, too, expressed gratitude for the Senate’s “prompt” and “decisive” action in ratifying the RCEP.

She said: “We congratulate the Senate President Juan Miguel Zubiri and the Senate President Pro Tempore Lorna Regina ‘Loren’ Legarda in particular for championing the RCEP ratification and for defending this critically important deal for the economy. Also, we are grateful that the House of Representatives, led by Speaker Ferdinand Martin Romualdez, supported the RCEP Ratification by passing House Resolution No. 728.

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