RCEP not magic pill but PH will reap benefits: senator | ABS-CBN
ADVERTISEMENT
![dpo-dps-seal](https://od2-image-api.abs-cbn.com/prod/Seal_Image_OD.png)
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
RCEP not magic pill but PH will reap benefits: senator
RCEP not magic pill but PH will reap benefits: senator
ABS-CBN News
Published Mar 01, 2023 01:20 PM PHT
|
Updated Mar 01, 2023 01:28 PM PHT
![Clipboard](https://od2-image-api.abs-cbn.com/prod/ClipboardNews.png)
MANILA — Joining the world's biggest free trade bloc is not a "magic pill" that will solve the country's economic problems, a senator said Wednesday.
MANILA — Joining the world's biggest free trade bloc is not a "magic pill" that will solve the country's economic problems, a senator said Wednesday.
But to miss out on the Regional Comprehensive Economic Partnership will put the Philippines at a disadvantage, Senate President Pro Tempore Loren Legarda said.
But to miss out on the Regional Comprehensive Economic Partnership will put the Philippines at a disadvantage, Senate President Pro Tempore Loren Legarda said.
"It is not a magic pill. Hindi po pagpasok ng RCEP ayan na ang ating ekonomiya gaganda. Nasa ating mga ahensiya ng gobyerno 'yan," she told ANC's "Headstart".
"It is not a magic pill. Hindi po pagpasok ng RCEP ayan na ang ating ekonomiya gaganda. Nasa ating mga ahensiya ng gobyerno 'yan," she told ANC's "Headstart".
"It's a long process but it's a good opportunity to be at par with our ASEAN neighbors."
"It's a long process but it's a good opportunity to be at par with our ASEAN neighbors."
ADVERTISEMENT
Legarda noted that RCEP was not the first trade deal the Philippines had entered.
Legarda noted that RCEP was not the first trade deal the Philippines had entered.
RCEP includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 percent of global gross domestic product.
RCEP includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 percent of global gross domestic product.
Launched in 2012, the deal was signed in November 2020 and took effect January 2022 with most member countries ratifying the pact.
Launched in 2012, the deal was signed in November 2020 and took effect January 2022 with most member countries ratifying the pact.
The agreement to lower tariffs and open up the services trade does not include the United States and is viewed as a coup for China in expanding its influence.
The agreement to lower tariffs and open up the services trade does not include the United States and is viewed as a coup for China in expanding its influence.
Before the Senate's overwhelming approval Tuesday, the Philippines was the last holdout to the trade deal.
Before the Senate's overwhelming approval Tuesday, the Philippines was the last holdout to the trade deal.
Farming groups and some lawmakers had opposed the pact for fear it could lead to agricultural imports flooding the Philippine market.
Farming groups and some lawmakers had opposed the pact for fear it could lead to agricultural imports flooding the Philippine market.
But Legarda allayed those concerns, saying only 15 agricultural commodity groups corresponding to 33 tariff lines will have lower tariff rates.
But Legarda allayed those concerns, saying only 15 agricultural commodity groups corresponding to 33 tariff lines will have lower tariff rates.
— With a report from Agence France-Presse
— With a report from Agence France-Presse
Read More:
Senate
Loren Legarda
RCEP
Regional Comprehensive Economic Partnership
trade pact
trade
economy
business
agriculture
ADVERTISEMENT
ADVERTISEMENT