International Business News – According to Philippine media reports recently, former Philippine Secretary of Trade and Industry Lopez said that ratifying the Regional Comprehensive Economic Partnership (RCEP) as soon as possible will help accelerate the Philippine economic recovery and ensure Philippine food security, and should be a priority for the Philippines.
Some senators have expressed concern about the impact of RCEP on the Philippine agricultural sector as the RCEP ratification process has been pending due to the reshuffling of the Philippine Congress. Lopez said that the RCEP brings more opportunities than risks to the Philippine agricultural sector, and that the RCEP is in line with the policy direction proposed by President Marcos in his State of the Union address, and its passage will help the president achieve the country’s development goals.
The current Philippine trade and industry secretary, Pascual, said that the department will continue to promote the passage of RCEP and other free trade agreements to attract more foreign investment that will help the economy recover.