Philippines approves tariff commitments under RCEP

MANILA - The Philippines on Thursday approved the executive order operationalizing the Philippines' tariff commitments under the Regional Comprehensive Economic Partnership (RCEP) Agreement.

National Economic and Development Authority (NEDA) Secretary said the NEDA Board, chaired by Philippine President Ferdinand Romualdez Marcos, also tasked government agencies to conduct a nationwide campaign on how the country can take full advantage of RCEP.

Marcos instructed agencies to "make it very clear" to the people RCEP's benefits to the country's agriculture sector and how it affects agriculture businesses and operations.

Trade Secretary Alfredo Pascual described RCEP as a "modern, comprehensive, high quality and mutually beneficial economic partnership agreement which provides opportunities for market access on trade, services, and investments."

"The agreement also establishes clear, stable, and predictable rules on trade and investments in our region, which makes it more convenient and competitive for Philippine businesses and stores to be integrated into the global economy," Pascual said.

Pascual said the executive order is proposed to be effective on June 2, 2023, to coincide with the end of the 60 days "after the deposit of the instrument of ratification."

Ratified by the Philippine Senate on Feb 21, the RCEP is a massive free trade agreement involving Australia, China, Japan, South Korea, New Zealand, and the 10 members of the Association of Southeast Asian Nations (ASEAN).

It is the world's largest free trade bloc covering about 30 percent of the world's population, as well as 30 percent of the world's economic and trade volume.