NextGen Day

MANILA – Secretary of the Department of Trade and Industry (DTI) Ramon Lopez refuted the claim that the country’s participation in the Regional Comprehensive Economic Partnership (RCEP) will harm agriculture.

Lopez stated in a radio interview with Radyo Singko 92.3 News FM on Monday that the RCEP can assist Philippine agro-based exports to achieve their potential because tariffs will be reduced, making them more competitive in international markets.

Despite accusations that the Philippines’ agro-based exports are weak, the DTI chief stated that there are agricultural items in which the country is a world leader. Banana, pineapple, coconut-based products, and tuna are just a few examples.

According to the Philippine Statistics Authority (PSA), overall agro-based product exports increased 32.6 percent to USD571.12 million in March 2022 from USD430.82 million in March 2021.

Year over year, its share of export revenue increased from 6.4 percent to 8%.

The existing 5% tariff on Philippine pineapple exports to China will be reduced to zero under the RCEP in 20 years.

Through the RCEP, tariffs on papaya and durian exports to South Korea will be reduced to zero in ten years from the current 24 percent.

“Marami tayong mga sektor na may laban (We have many competitive sectors),” Lopez remarked, adding that these sectors should be cultivated by increasing agriculture productivity.

He went on to say that the RCEP will aid in attracting investments that will boost agriculture’s output capacity.

The country’s increased imports, according to the senior trade official, are attributable to rising demand for raw commodities as part of the growing economy, not an influx of agricultural products.

Lopez claims that since the economy has reopened, manufacturing activities have expanded, including those for export.

“Imports account for more than half of all imports, almost 60%,” he stated.

With Congress resuming this week, the DTI is hoping for Senate approval of the RCEP before the conclusion of the Duterte government.

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