MBC Urges Senate to Ratify RCEP
21 February 2023 –Makati Business Club respectfully urges the members of the Senate to ratify the Regional
Comprehensive Economic Partnership (RCEP) they are currently deliberating to help businesses expand abroad, strengthening the economy and accelerating job creation.
We believe joining RCEP is essential to this as it will comprise 15 countries, 2.1 billion people, and around 30% of global GDP.
While RCEP would help us enter foreign markets, it would also expose our industries to more competition at home. We recognize that there are valid concerns about this. However, we believe that adequate safeguards have been included. We also believe competition will result in
better local players and better products and services for Filipinos.
We welcome the effort that the Administration, especially Secretary Alfredo E. Pascual and the DTI, have exerted to further RCEP and encourage the Senate to give it positive consideration. (END).
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