The Senate on Tuesday concurred with the Philippine government's ratification of the Regional Comprehensive Economic Partnership (RCEP).
Sen. Risa Hontiveros signifies her lone dissent to the concurrence of the RCEP at the Senate on Tuesday, Feb. 21, 2023. The resolution passed with a vote of 20-1-1.
It was ratified by then-President Rodrigo Duterte in September 2021 and by President Ferdinand "Bongbong" Marcos Jr. in November 2022, and it had been up for Senate concurrence. At least two-thirds of the upper chamber must concur to an international agreement or treaty to make it valid and effective.sponsored the mega trade deal in the plenary.
He claimed that after RCEP took effect last January 1, 2022, countries in the ASEAN have already been reaping the benefits of the trade deal.'This is not the time for RCEP' She added that Rashmi Banga, a senior economist with the United Nations, conducted a study that found that "the Philippines/ goods trade balance would worsen by US$264 million a year and it would lose tariff revenues of US$58 million a year."
While he cited many benefits of RCEP in other countries that are signatories to the trade agreement, Zubiri said they understand the issues and concerns of some groups of farmers who oppose its ratification.
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