TWO Senate leaders on Monday backed calls by foreign business groups in the Philippines for senators to quickly ratify the Regional Comprehensive Economic Partnership (RCEP), in order to boost efforts to draw in more foreign investors.
Senate President Pro Tempore Ralph Recto and Senate Foreign Relations Committee Chairman Sen. Koko Pimentel, readily indicated full support for ratification in the few session days left for the 18th Senate, which reconvened on Monday (May 23) and is set to adjourn on June 3.
Separately, Senate President Vicente Sotto III pointed out, however, that, “interpellations have not been taken up,” when asked for a reaction to the urgent appeal of the JFC.
Sought for reaction on the call by seven members of the Joint Foreign Chambers (JFC) in the Philippines for senators to immediately ratify RCEP, Recto told the BusinessMirror: “I support the call for the Senate to ratify RCEP in our remaining session days. Ratifying RCEP will send a message to foreign investors to invest in the Philippines and take advantage of this new trade deal.”
In an SMS to the BusinessMirror, Recto added: “I call on the incoming administration to ask the Senate to immediately ratify RCEP. This will signal to the international community that the incoming administration is ready to do business. Good first step. No time to waste.”
Asked how many of his peers are similarly inclined to think that way about immediate ratification, Recto replied, “I hope many, if not the majority.”
For his part, Senate Foreign Relations Committee chairman, Senator Aquilino Pimentel III told BusinessMirror: “It depends on the will of the Senate.”
However, Sen. Pimentel III said, the leadership has deferred the matter to May 30. Between May 24 and May 27, senators are to join the House of Representatives in constituting the National Board of Canvassers to canvass the votes for and proclaim the winners of the May 9 races for president and vice president.
Image credits: Roy Domingo