PH at a disadvantage without RCEP ratification, says DTI chief | ABS-CBN

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PH at a disadvantage without RCEP ratification, says DTI chief

PH at a disadvantage without RCEP ratification, says DTI chief

Michelle Ong,

ABS-CBN News

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Without the Regional Comprehensive Economic Partnership (RCEP), the Philippines will have a "disadvantage" compared to its peers that are already reaping benefits from the deal in form of investments, Trade Secretary Alfredo Pascual said on Wednesday.

The RCEP ratification is being deliberated by the Senate.

Critics have said that the government must first ensure that the agriculture sector is strong enough to compete with the influx of products. Meanwhile, supporters of the deal said it would boost the country's export market.

"The Philippines has been ready for some time. Our neighboring countries have gone ahead and they’re starting to reap the benefits by way of investments," Pascual told ANC.

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"Many investors are looking for manufacturing hubs in the region and the Philippines is not the only option. We need to compete with the others. If we do not have what others have, like membership in RCEP, we will have a disadvantage because through RCEP we will be able to invite investors to use the Philippines as the manufacturing hub so they can access the other countries in the region as well as the non-regional countries," he added.

President Ferdinand Bongbong Marcos Jr earlier said the RCEP ratification must be deliberated extensively to protect the local agriculture sector.

In a recent statement, Marcos said joining the RCEP would give the country access to global markets.

RCEP is a free trade deal among the 10 ASEAN members as well as Australia, China, Japan, South Korea and New Zealand.

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