Marcos’ SONA supportive of RCEP, says Lopez

While President Marcos made no mention of the Regional Comprehensive Economic Partnership (RCEP) during his State of the Nation Address (SONA), his policy pronouncements and directions are supportive of the trade deal, a former Department of Trade and Industry (DTI) secretary said.

“I think RCEP is too specific for it to be mentioned in the SONA, but that doesn’t mean that there’s no support there,” former Trade Secretary Ramon Lopez told reporters in an interview.

Lopez said what is important is that the President’s policy direction is very clear, emphasizing the support for economic recovery.

“For me it doesn’t need to be mentioned, frankly because it’s moving on its own. I think also with the mention of the President on food security, promoting agriculture, RCEP is an enabler to those objectives,” Lopez said.

“So, if the policy pronouncements and direction setting mentioned by the President are good enough to basically ensure that RCEP will be part of the agenda, there is no need to specify it. That’s my thinking there,” he said.

In an earlier interview with ANC, British Chamber of Commerce Philippines (BCCP) executive director Chris Nelson said the RCEP was among the topics they would’ve liked the President to mention in his SONA.

“I think it was overall comprehensive SONA, but what we would like to have seen of course was a reference to RCEP. I mean we discussed that previously. We do think it’s a very important program,”Nelson said.

He said the trade deal would be a complement to the administration’s overall economic plan.

The RCEP is a multilateral trade agreement between and among ASEAN countries, including the Philippines, China, Japan, South Korea, Australia and New Zealand.

It provides for an open, inclusive and rules-based trading system to promote deeper economic integration in the region.

The RCEP is expected to boost Philippine exports through enhanced market access in the region.

It will provide cheaper goods for production and manufacturing, as well as ensure transparent rules and clear mechanisms for resolving trade issues and concerns, and also allow micro, small and medium enterprises to participate in the global value chain.

The proposed Senate resolution to confirm RCEP was not voted upon during the last session day of the 18th Congress, indicating that the RCEP was not ratified.

Trade Secretary Alfredo Pascual said earlier that the Marcos administration would prioritize the Philippines’ participation in the RCEP.

Pascual said the DTI would push for the immediate ratification of the RCEP and other free trade agreements (FTAs), saying the country has the least number of FTAs in the ASEAN region with only 10 FTAs.

This is in contrast to Singapore, which signed 27 FTAs, Malaysia with 17, and Thailand, Indonesia and Vietnam with 15 each.