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Manila Bulletin devider Philippines devider National devider RCEP pact between ASEAN, 5 big economies to benefit PH agri — Balisacan

RCEP pact between ASEAN, 5 big economies to benefit PH agri — Balisacan

Published Feb 21, 2023 04:39 pm

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Tuesday, Feb. 21, dismissed criticisms of the Regional Comprehensive Economic Partnership (RCEP) as the Marcos administration pushed for its ratification to address long-standing issues in the country’s agricultural sector.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan (Photo from Presidential Communications Office)

During a press briefing by the Presidential Communications Office (PCO), the country’s chief economist backed the mega free trade agreement (FTA) between the 10-member states of the Association of Southeast Asian Nations (ASEAN) and its five FTA partners: Australia, China, Japan, New Zealand and Korea.

The official said that instead of hurting the agricultural sector, the deal would help it become competitive and productive.

"It must be ratified. The future of our country depends so much on our ability to attract investors, particularly foreign capital because the domestic capital is not enough... By being a member, we are saying to the world that we are ready for business, we play the rules of the game well, and your investments are safe with us," Balisacan explained.

"With regards to the allegation that the agricultural sector will be hurt, there's no truth to that... whether or not there is RCEP, we need to invest in agriculture. Kinakailangan nating ma-address ‘yung mga (We need to address the) concerns,” he stressed.

Balisacan said that the problems faced by the sector “have nothing to do with RCEP.”

“The problems were outcomes of past neglect of the sector," the NEDA chief maintained.

According to Balisacan, by ratifying RCEP, the country will be "even more forced to pay attention to agriculture because only then can you fully maximize the benefits that RCEP can give to us."

President Ferdinand “Bongbong” Marcos Jr. earlier said RCEP would be good for the country because of the increased trade that it would bring to different member economies.

He shared plans for the Philippines to continue increasing its investment in the agricultural value chain to make it more competitive.

The Chief Executive added that RCEP will allow the country to further strengthen its agricultural value chain.

Related Tags

RCEP Arsenio Balisacan ASEAN neda Free Trade Agreement agriculture President Marcos
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