President Ferdinand “Bongbong” R. Marcos Jr, said the Senate will soon be tackling the ratification of the Regional Comprehensive Economic Partnership (RCEP).
Marcos said he discussed the matter during his talk with Indonesian President Joko Widodo.
“We also covered the RCEP, during our talk. the ratification of the RCEP by the Philippines, which is going to be very high up on the order of business of the Senate, after the budget is passed,” Marcos said in a press conference in Indonesia last Tuesday.
Congress is expected to pass the 2023 national budget by October and then be signed by Marcos before the end of the year, according to the Department of Budget and Management (DBM).
The Department of Trade and Industry (DTI) has been pushing for the ratification of the free trade agreement, which remains pending long after it entered into force this year.
It is hoping the agreement will help boost local economic activities, particularly for micro, small and medium enterprises (MSME).
Marcos, however, earlier said he wants to first determine the possible impact of the agreement to some sectors, particularly the agricultural sector before it is ratified.
Aside from the Philippines, the RCEP also covers other Association of Southeast Asian Nation (ASEAN) countries, Australia, China, Japan, New Zealand and South Korea.
Image credits: AP/Andrew Harnik