Senator Alan Peter Cayetano on Wednesday expressed support for the Philippines’ participation in the Regional Comprehensive Economic Partnership (RCEP), a deal that will allow easier exportation and importation of goods among 15 countries.
In a manifestation after a presentation made by Senate President Juan Miguel Zubiri during the Senate plenary session on February 15, 2023, Cayetano called the RCEP a “very good” and “very important” agreement.
The RCEP is a deal among ASEAN (Association of Southeast Asian Nations) member-states together with Japan, South Korea, China, New Zealand, and Australia. It authorizes the loosening of trade restrictions and mandates the signatory countries to lower or remove their taxes on traded goods, services, investments, and e-commerce.
The Asian Development Bank (ADB) sees the Philippines earning $2 billion from the agreement by 2030. However, among the ASEAN member states, Myanmar and the Philippines have yet to ratify the agreement.
While he agrees that RCEP would bolster the country’s economy, Cayetano urged fellow lawmakers to pass measures that will fund capability-building and safety net programs for those who will be affected by the trade deal.
“Everytime there is something like this, definitely may benefit, pero definitely may naiiwan [na mga sektor]. So y’ung naiiwan, naghahabol later on,” he said.
“So let’s take advantage na ang Senate President and the Senate Pro-Tempore mismo ang nagpu-push nito (RCEP), nandito ang buong Executive Department, na y’ung sinasabi nating safety net at capacity-building, isabay na rin nating ipasa,” he continued.
Cayetano commended Zubiri’s “comprehensive and articulate” presentation on the trade agreement on the Senate floor and acknowledged the Cabinet Secretaries “’full-force” attendance in the Senate session.
“We like it when you are in full force here, so you are very much welcome,” he said, addressing the Secretaries.
Part of Cayetano’s legislative agenda is to pass laws that will generate more jobs for Filipinos and empower small and medium enterprises, especially as the country continues to recover from the economic effects of the pandemic.