The Senate may recommend to President Ferdinand “Bongbong” Marcos Jr. the withdrawal from the recently-ratified Regional Comprehensive Economic Partnership (RCEP) if it is proven to be detrimental to the Philippine economy.
That is after the Executive Department has used, to the fullest extent, any exceptions and transition periods available in the Philippines, would not implement any unenforceable RCEP provisions that are detrimental to Philippine interests.
Senate President Juan Miguel Zubiri stressed this on Friday, February 24, during a press briefing, along with Senate President Pro Temple Loren Legarda and Department of Trade and Investment (DTI) Alfredo E. Pascual, on the Senate-ratified RCEP at the Centennial Hall, Manila Hotel.
”Kung dehado tayo (If we are failure) and there’s an influx of goods (from other countries) all over, then definitely a review will be in place and we can recommend that to the President,” Zubiri said.
Nevertheless, Zubiri quoted Pascual, saying we are in for “exciting times” following the Senate’s ratification of the RCEP.
Pascual himself said that “with RCEP, now (we) will be coming an upper middle income country.”
Asked when the Philippines would start feeling the benefits of RCEP, Pascual said: “We will have to do paperworks that will take 30 days.”
“After the certificate, 60 days before the effectivity of our membership. From then, it is already open for investors, companies to take advantage of the provisions,” Pascual pointed out.
“Yung (those) industries that will export, specially industries yung (those with) lower tariff will be available to canned tuna, reduction in tariff in Japan and other member countries so that industry will benefit immediately. rcep represents a number of sectors in the Philippines, 50 percent of manufacturing output will benefit; electronic products 70 percent. These are very specific, we can provide a list of products that will immediately benefit,” he told reporters during the briefing.
Pascual further stated that the country “could revive other industries na namatay dati beccause wala tayong raw materials (that died because we had no raw materials).”
Asked if RCEP could accelerate Philippine economic recovery, Pascual replied: “Surely, because the way to recover is to stimulate investments, strengthening our msmes (Micro, Small, Medium Eterprises), suppliers to bigger businesses.”
“Right now our preferential tariff comes from GSP plus and that will expire next year. we have been working...we hope to have negotiate a free trade agrement with the European Union),” he added.
“I brought to the office last week, EVT the biggest producer of electric vehicles for public utilities, school bus, they are looking at relocating to the Philippines, tinawagan niya ako because we are now part of RCEP (He called me because we are now RCEP members), it will be easy for him to sell in 15 countries. Magkakaroon tayo ng (we will be having) foreign investment that is the immediate effect, magkakaroon tayo ng locator (we will have a locator),” Zubiri said.
Legarda said the Senate special oversight committee has been created to oversee the implementation of RCEP. She heads the committee.
The members are on RCEP:Senate Majority Leader Joel Villanueva; and Senators Imee Marcos (foreign relations committee chairman); Cynthia A, Villar (Agriculture committee chairman); Grace Poe (economic affairs); Mark A, Villar (trade); Juan Edgardo ‘’Sonny’’ M. Angara (finance); Sherwin Gatchalian (ways and means); Jinggoy Estrada (labor); and Alan Peter S. Cayetano (science and technology).
“I can call for a (committee) hearing perhaps next week. I have to consult the Senate leadership but I’m sure you would wanted to be as often as possible, we will do regional consultations, we will listen to all of you, you teach us. Our ears will be on the ground, in the next years we will listen and it will be putted in the General Appropriations Act),” Legarda said.