MANILA, Philippines — The Federation of Philippine Industries Inc. (FPI) is supporting calls for the Senate to immediately approve the country’s participation in the Regional Comprehensive Economic Partnership (RCEP) agreement.
In a letter to the Senate, the FPI said it is seeking the Senate’s immediate concurrence of the RCEP.
“We believe that the Philippines will immensely benefit from this trade agreement as the same will strengthen and enhance the country’s market access to goods and business services within the participating countries,” FPI president Jesus Arranza said.
He said the trade agreement is expected to create employment opportunities in various sectors including professional, education, and banking services.
He said micro, small, and medium enterprises are likewise expected to benefit from RCEP through cheaper raw materials for production and manufacturing, and access to an integrated market for their products and services.
When it comes to agriculture, he said farmers are expected to gain as sensitive agricultural products such as rice, corn, coffee, meat, garlic, and sugar have been excluded from tariff liberalization.
He said “our local farmers can also reap a significant number of benefits as they will have better access to cheaper farm inputs and farm implements that can be used to boost their production. They may even be encouraged in the long run to increase production or diversify agricultural products to access the huge market,” he said.
RCEP, which creates the world’s largest free trade area, was signed in November 2020.
Last Jan.1, the trade agreement entered into force for Brunei Darussalam, Cambodia, Lao People’s Democratic Republic, Singapore, Thailand, Vietnam, Australia, China, Japan, and New Zealand.
For South Korea, the RCEP will start to be implemented on Feb.1.
Ratified by President Duterte in September last year, the RCEP is currently being deliberated by the Senate for concurrence.
Earlier, various local and foreign business groups, as well as investment promotion agencies have called on the Senate to immediately concur with the ratification of the RCEP agreement.
June 2025
Philippine Environment Month!
“Action for Nature, for the Future!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
Monthly Observances:
1 Jun – World Day of Parents
5 Jun – World Environment Day
7 Jun – World Food Safety Day
8 Jun – World Oceans Day
12 Jun – World Day Against Child Labour
15 Jun – World Elder Abuse Awareness Day
16 Jun – International Day of Family Remittances
17 Jun – World Day to Combat Desertification and Drought
20 Jun – World Refugee Day
25 Jun – Day of the Seafarer
27 Jun – Micro-, Small and Medium-sized Enterprises Day
Daily Observances:
June 6: Migrant Workers Day
June 19: Filipino Youth Day
June 25: Day of the Filipino Seafarer
