The Management Association of the Philippines (MAP) is calling on the Senate to immediately ratify the Regional Comprehensive Economic Partnership (RCEP), saying the Philippines has lost 10 months of the opportunity to compete on equal footing with its partners in Asia which have joined the deal.
MAP in a statement said the delay in ratification deprives the country’s producers of various exportable products of easier access to the markets of the RCEP countries due to the improved provisions on market access and easier rules of origin. The group added the threat of likely diversion by their buyers of their business to other members already in RCEP is very real. The group also warned foreign investors will favor locating in other RCEP countries, including those already in the country, which are likely to move their business out of the country the longer we delay ratification.
“ All told, we risk not only failing to attract new investments and trade opportunities; we are also likely to lose those we now have to those already in RCEP,” MAP said. The group also lashed out as unfounded and illusory what it called are the misplaced fears of some agricultural sector critics on the impact of RCEP.
“(Government has) repeatedly explained that sensitive agricultural products remain protected under our commitments to the Agreement. These products include rice, swine meat, poultry meat, potatoes, onions, garlic, cabbages, sugar, and carrots,” the MAP said. Irma Isip
