DTI chief asks Senate to concur with RCEP ratification

Trade Secretary Alfredo Pascual on Monday asked the Senate to concur with the Philippines' ratification of the mega trade deal Regional Comprehensive Economic Partnership (RCEP), saying it is one of the considerations of foreign investors.

"It is very important, I would like to emphasize that the RCEP—Regional Comprehensive Economic Partnership—be ratified or be confirmed by the Senate because we've always been asked by prospective investors, by foreign chambers about how soon they'll see the ratification of RCEP. The companies in their respective jurisdictions are asking them before they consider investments in the Philippines," Pasual said during the organizational meeting of the Senate trade, commerce, and entrepreneurship committee.

The DTI chief made the remark as Senator Pia Cayetano asked the agency if they are considering tax-free importation of certain industry clusters such as health-related enterprises that produce medical equipment in the country.

Pascual said they welcome any move to facilitate the establishment of enterprises from industry clusters that they have identified, explaining that investors are most likely to come from abroad and the concurrence to the RCEP ratification will be a factor.

Cayetano acknowledged Pascual's plea on the Senate's concurrence with the RCEP ratification.

"I'm not sure if this is the committee on trade or the committee on foreign affairs that handles it but we are always happy to learn more. I recall that we were not able to pass it in the last Congress because there were a lot of concerns from different senators," she noted.

Earlier, President Ferdinand "Bongbong" Marcos Jr. expressed his reservations on the ratification of the RCEP, saying he wants to look at how it will impact the country's agriculture sector.

The RCEP, a trade accord that involves the 10-member ASEAN along with China, India, Japan, South Korea, Australia, and New Zealand, was approved by the Palace in September last year and brought to the Senate for concurrence.

However, the 18th Congress Senate was not able to act on it before its adjournment.

Treaties or international agreements entered into by the government require Senate concurrence.—AOL, GMA News