SENATORS will tackle the pending move to ratify the Regional Comprehensive Economic Partnersip (RCEP), as endorsed by the Department of Trade and Industry (DTI), when they resume session in late May, according to the chairman of the Foreign Relations committee.
They target a final plenary vote to ratify or reject the Palace-endorsed accord, which dozens of farm-related organizations oppose, but which government economists and managers want ratified as soon as possible so that the Philippines will not be “left out” from the benefits of joining the multilateral trade deal.
Opposers of RCEP stress, however, that the so-called “loss” from not joining is minimal compared to the huge adverse impacts on local economic sectors, noting how past multilateral accords failed to live up to the promised benefits for stakeholders.
RCEP has been billed as the biggest partnership of countries backing updated trading rules.
Sen. Aquilino Koko Pimentel III, chairman of the endorsing Senate Committee on Foreign Relations, said they intend to conclude interpellations to pave the way for a final plenary vote as soon as lawmakers resume sessions on May 23.
He, however, declined to predict if the proponents of the bill can muster the 16 votes needed to ratify the accord.
The RCEP relaxes trading rules among its member-countries Australia, China, Japan, South Korea, New Zealand, as well as the 10 members of the Association of Southeast Asian Nations (Asean) —the Philippines, Brunei, Cambodia, Indonesia, Laos, Myanmar, Malaysia, Singapore, Thailand and Vietnam.
For the Philippines, President Duterte signed the RCEP treaty in September 2021 and, in accordance with the Constitution, submitted it to the Senate for ratification by two-thirds vote of the 24-member chamber, or 16 votes in favor.
It took effect last January 1 for all countries that have ratified it, even as the Philippine Senate failed to ratify the accord before Congress adjourned from February 5 to May 22.
Trade and Industry Secretary Ramon Lopez earlier lamented the “lost” opportunity from early membership, but expressed hope that the Philippines can join the trade deal at least within the year.