Ratification by the Senate of the Regional Comprehensive Economic Partnership (RCEP) agreement will generate 1.4 million jobs by 2031.
Senate President Juan Miguel Zubiri and Senate President Pro Tempore Loren Legarda stressed this after defending the RCEP agreement during the period of interpellations.
A breakdown of this figure projects the creation of 308,000 jobs in agriculture, 77,000 jobs in industries, and 991,000 in services, they said.
Zubiri said that non-participation in the RCEP is expected to lead to a -0.26 percent decrease in real gross domestic product (GDP), according to a study by Dr. Francis Quimba.
Participation, meanwhile, is seen to lead to a 2.02 percent increase in GDP.
“Maiiwanan tayo sa foreign direct investments (We will be left out in foreign direct investments (FDIs). Magkakaroon ng trade diversion (There will be a trade diversions). Kung hindi tayo sasali sa RCEP, sa ibang bansa pupunta ang investors, dahil mas malawak na ang kanilang merkado (If we don’t join RCEP, investors will go to other countries that have bigger markets),” Zubiri explained.
“Sa damit, tayo dati ang pinakamalaking garment industry sa rehiyon (We used to be the biggest in the garment industry), Ngayon Made in Cambodia, Made in Laos na—lalo na ngayong nasa RCEP sila (Now, it is made in Cambodia, Made in Laos, much more now that they have joined RCEP). Mas mura na ang kanilang materials under RCEP, at mas mataas ang tariff rate natin (Their materials are cheaper under RCEP and our tariff rates are higher). These are lost opportunities for us,” he said. “Pero kaya natin silang habulin, with RCEP (But we can catch up under RCEP).’’
He also reiterated that protections would remain in place for the agriculture sector.
“Excluded po ang major Philippine agriculture products sa RCEP (Our major agricultural products would be excluded under RCEP) . Hindi nagalaw at hindi bababa ang taripa nitong mga ito (These would not move and their tariff rates would not go down),’’ he stressed.
The excluded agricultural goods from RCEP are swine meat; edible offal of bovine, swine, sheep, goats, horses, asses, and mules; poultry meat; potatoes; onions, garlic, and other alliaceous vegetables; cabbages, cauliflowers and similar edible brassicas; carrots; cassava; lettuce; sweet potatoes; coffee and instant coffee; corn; rice; cereal; grains; other prepared or preserved meat; tunas in airtight containers; sugar; and feed for animals.
Apart from the exclusion of these products from tariff reductions, Zubiri also stressed that RCEP would open export opportunities for Filipino farmers, particularly in the fisheries sector and the processed produce sector.
The Senate resolution on the concurrence to the ratification of RCEP comes with a set of guidelines for the implementation of the agreement.
“We’re never going to abandon the agriculture sector, and we will have a Senate Special Oversight Committee to make sure that our agencies are following the guidelines and fulfilling their mandate to our farmers, fisherfolk, and other sectors,” he emphasized.
As part of the guidelines, the Senate will direct the Department of Agriculture (DA) to oversee the full and successful implementation of its banner programs, including the National Rice Program, the National Corn Program, the National High Value Crops Development Program, and the National Livestock Program.
“I’ve been in public service for a while, and what frustrates us most is that we have good initiatives, pero hindi naiimplement sa ground (but these could not be implemented in the ground). Sayang,” he said.
“So in the oversight committee that we will set up, we will make sure that we will monitor the implementation of these programs,’’ he added.
“At may mekanismo po ang ating oppositors (Oppositors will have mechanisms). Kung hindi nakakarating sa kanila ang pondo, magsumbong sila sa atin at pagagalitan natin ang ating mga ahensiya (If funds do not arrive, they can complain to us and we will ask them to account for every peso and centavo come budget season),’’ he added.