The American Chamber of Commerce of the Philippines (AmCham) has joined the call for the immediate concurrence of the Philippine Senate on the Regional Comprehensive Economic Partnership (RCEP), saying the trade deal is aligned with the government’s economic reforms and programmes.

In a recent statement, AmCham said RCEP complements the existing reforms to facilitate a more conducive business environment amid the pandemic.

“The entry into force of RCEP for the Philippines complements the country’s programs and policies for the resurgence of manufacturing sector, including incentives provided for by the CREATE (Corporate Recovery and Tax Incentives for Enterprises) Act,” AmCham Philippines executive director Ebb Hinchliffe said.

The fiscal incentives provided by the CREATE law and the newly enacted Retail Trade Liberalization law make the Philippines more attractive to US investors, Hinchliffe was quoted as saying by a news agency.

He said this interest of foreign investors to the Philippines will be strengthened once the country implements the free trade agreement (FTA) under RCEP.

The country, now waiting for the concurrence of the Senate to deposit its instrument of ratification, is expected to start benefiting from the trade deal 60 days after depositing that instrument.

RCEP has entered into force in Australia, Brunei Darussalam, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand, and Vietnam since the start of the year. South Korea will follow on February 1.

Indonesia, Malaysia, and Myanmar are also part of the trade deal.

“The Philippines cannot afford not to join RCEP as it will not be a good signal not only to foreign investors but even to Asean (Association of Southeast Asian Nations) itself,” Hinchliffe added.

Fibre2Fashion News Desk (DS)

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