The Philippines has secured guaranteed access to certain services — from banking to professional — from Asean foreign partners (AFPs) not otherwise available in the past under the recently-signed Regional Comprehensive Economic Partnership (RCEP).
In a briefing of the European Chamber of Commerce of the Philippines yesterday, trade assistant secretary Allan Gepty said the country can see the entry of new players in the financial services sector which will offer additional options for banking including digital banking for micro, small and medium enterprises in rural and provincial areas.
“RCEP will encourage new players in the financial sector and will pave the way for the development of new financial products. It will improve access to finance… and an active financial sector may reduce cost of financial intermediation,” Gepty said.
Gepty also said RCEP is expected to pave the way for more value-added services as well as investments in telecommunication.
He said this “will further enhance transparency and interconnection in the region.“
Gepty said RCEP also opens employment opportunities in RCEP countries for Filipinos on a comprehensive range of sectors such as professional services, education services, banking services etc.
Improved commitments from key AFPs under RCEP are professional and management consulting, technical and trade related service, telecommunication and audio visual services from Australia; legal and accounting, auditing and bookkeeping, taxation, architecture, hairdressing and beauty as well as passenger and freight transport from China; professional, hotel management and transport services from Japan; financial, game development, transport particularly in rail from Korea and; air transport particularly cargo and baggage handling and airport management and banking and financial services from New Zealand.