Philippine absence in the RCEP will hurt business, says industry

The business community in the Philippines has warned the government of the negative impact should the country not join the Regional Comprehensive Economic Partnership (RCEP) agreement. This follows Senate President Vicente Sotto III and some members of the senate saying that the RCEP will likely be rejected by the chamber after they questioned the lack of support from Malacañang. Trade Assistant Secretary Allan B. Gepty said many business organisations, foreign chambers, and industry associations have repeatedly expressed support for the mega-trade deal. Mr. Gepty said if the Philippines will not participate or delays its participation in RCEP, then it will give a wrong signal to investors and trading partners. Without participation in the RCEP, Gepty said that trade and investments would be diverted from the Philippines, hurting local businesses and the economy.