The Senate approved the country’s entry to the world’s biggest free-trade bloc, a move cheered by major business groups as it will boost investment and jobs. | AldenMonzonINQ melvingasconINQ /PDI
The RCEP area covers 50.4 percent of the Philippines’ export markets, 67.3 percent of the country’s import sources, and 58 percent of the foreign direct investments that came here.
“Foreign investors look for places to go where there are clear rules, particularly trade facilitation, investment policies, and which are followed and not subject to change at any time,” Balisacan told reporters. “By being a member we are saying to the world, ‘we are ready for this, we play by the rules of the game, and your investment is safe with us.’”
The JFC added that RCEP also builds on the significant economic reforms that have been implemented recently, citing in particular the Tax Reform for Acceleration and Inclusion Act and the Corporate Recovery and Tax Incentives for Enterprises Act, among others. The Management Association of the Philippines highlighted the deal’s benefits to local exporters that will benefit from easier market access to other RCEP countries.
The Confederation of Wearables Exporters of the Philippines pointed out that the value of exports in RCEP countries amounted to $315 million in 2022, 19.3 percent of which were wearable goods.
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