Senate President Vicente C. Sotto III on Monday, Feb. 21 is ambivalent on the passage of the controversial Regional Comprehensive Economic Partnership (RCEP) agreement when Congress goes on a limited six-day regular session after the May 2022 national elections before going on a ‘sinze die’ adjournment on June 3.
Asked during a press conference in Sta. Rosa, Nueva Ecija after a political campaign swing through Baguio city and Urdaneta, Pangasinan whether he felt the RCEP would be approved within that six-day period, Sotto replied: ‘’Sa six days, depende, depende (In those six days, it depends, it depends). Kung talagang maganda, madali ‘yan (If it is really good, it is easy). Pero sa six days kung hindi maganda, katakot-takot na eksplenasyon, tagilid (But in those six days, if it is not really good, there would be lengthy explanations, it is not certain).’’
There were about five senators on a list waiting for their turn to field their questions on RCEP to Senator Aquilino Pimentel III, chairman of the Senate Foreign Relations committee, when the Senate went on a three-month recess for the May 2022 national and local elections.
Queried about fate of RCEP had it been voted upon before the elections, Sotto said he does not think RCEP could not have been ratified by the Senate because 16 votes or two thirds of the 24-member Senate are needed.
‘’So, sa ngayon, tingnan namin (Right now, we will see). Hindi ko pa nakokonsulta ‘yung mga ibang kasama namin (I have not consulted with our friends yet). At ako naman, kami ni Senator Lacson, pinag-aaralan pa namin. Hintayin din namin ang mga rekomendasyon (As far as I and Senator Lacson are concerned, we will study it. We will wait for the recommendations),’’ Sotto said.
Lacson, chairman of Partido Reporma, is seeking the presidency while Sotto, chairman of the Nationalist People’s Coalition, is running for the vice presidential post.
The Philippines has missed the Jan. 1, 2022 effectivity of the RCEP when the Senate failed to concur with the ratification of the mega trade deal.
Stiff opposition to RCEP was mounted by several groups, mostly agriculture and non-government organizations.
The groups think the sea would result in further ‘’import surges, price depressions and displacement of local production.
The RCEP Agreement went into force last Jan, 1, 2022 for six Asean (Association of Southeast Asian Nations) member states - Brunei Darussalam, Cambodia, Lao PDR, Singapore, Thailand and Vietnam and the five Asean trading partners namely Australia , China, Japan, Korea and New Zealand.
Encompassing 15 nations and 2.2 billion people, the trade partnership offers broad economic and societal benefits that go beyond imports and exports.
RCEP economies account for 29 percent of global gross domestic product.
One study noted that real income increase for the world from the trade pact will amount to $186 billion by 2030.