The National Economic and Development Authority (NEDA) Board approved the Regional Comprehensive Economic Partnership (RCEP) and social protection floor executive orders. The RCEP agreement aims to increase trade and investment among member countries, which include the Philippines, China, Japan, Australia, and New Zealand, among others. Meanwhile, the social protection floor EO aims to provide a safety net for vulnerable sectors by expanding access to social services and benefits.
Philippine Senator Imee Marcos has given the green light to remove tariff rates under the RCEP agreement. This move is expected to boost economic growth by increasing trade and investment. Marcos stated that the tariff reduction would reduce the cost of goods and services in the Philippines, which would benefit consumers.
The RCEP agreement will take effect on June 2 as Philippine President Rodrigo Duterte signed the order. The Philippines is the third country to ratify the agreement, following Japan and Singapore. The RCEP is expected to boost trade and investment among the member countries, which collectively account for almost 30% of global GDP.
The Department of Foreign Affairs (DFA) has confirmed that the RCEP agreement will take effect in the Philippines on June 2. The DFA stated that the agreement would provide opportunities for Philippine businesses to expand their operations and increase their competitiveness. The RCEP is also expected to provide more jobs and higher incomes for Filipinos.
The implementation of the RCEP agreement is seen as a significant milestone for the Philippines, as it marks the country’s entry into the world’s largest trading bloc. The RCEP agreement is expected to provide opportunities for Philippine businesses to tap into the growing markets of Asia and the Pacific. It is also expected to provide a boost to the Philippine economy amid the COVID-19 pandemic.
In conclusion, the approval and implementation of the RCEP agreement and social protection floor EO by the NEDA Board and the Philippine government is seen as a significant step towards boosting economic growth, expanding trade and investment, and providing a safety net for vulnerable sectors. The RCEP agreement is expected to provide opportunities for Philippine businesses to expand their operations and increase their competitiveness, while the social protection floor EO is expected to provide a safety net for vulnerable sectors by expanding access to social services and benefits.
