The House of Representatives has adopted a resolution expressing its full support for the immediate ratification of the Regional Comprehensive Economic Partnership.

President Ferdinand Marcos, Jr.'s eldest son, Senior Deputy Majority Leader Rep. Sandro Marcos, sponsored the resolution for plenary deliberation.

He, his uncle Speaker Martin Romualdez, Majority Leader Manuel Jose Dalipe and House Committee on Trade and Industry Chair Marvey Marino authored House Resolution 728.

"For the Philippines, the Senate is yet to concur in the ratification of the RCEP agreement." Rep. Marcos said.

"My dear colleagues, now is the best time to take on the challenge and consider House Resolution 728. The world trade’s impetus towards globalization, digitalization and borderless trade will not stop nor regress for us. This representation now humbly call upon all of you, the esteemed members of this august chamber, to unitedly move for the adoption of this resolution expressing the full support of the House of Representatives for the immediate ratification of the Regional Comprehensive Economic Partnership agreement." Rep. Marcos said to his colleagues.

Marcos explained that even with the existing bilateral trade agreements that the Philippines has fostered with the ASEAN and RCEP member countries, the RCEP agreement was simultaneously launched to complement the country’s bilateral agreements and resolve the negative impacts of the overlapping free trade agreements with regard to the levels of commitment for tariff reduction and trade rules.

"In this present era of globalization, digitalization and regional cooperation, it is the duty of our government to rebalance the economic advantages we can gain vis-a-vis the disadvantages and risks that we may have to live through, should we decide to defer accession to or join the RCEP. " Rep. Marcos also said.

HR 728 notes that the RCEP will address overlapping numerous bilateral free trade agreements involving different sectors with varying levels of commitment for tariff reduction and conflicting technical trade rules.

"The complex set of overlapping FTAs negatively impacts economies by unnecessarily imposing transaction costs on business operations and can even potentially create competing trade blocs," it added.

The Philippines signed the RCEP Agreement, a trade agreement that covers trade areas for goods, services and investments, sustainable growth, and business environment involving the ten member states of the Association of Southeast Asian Nations and its five other FTA partners-Australia, China, Japan, New Zealand and Republic of Korea- back in November 2021.