The Regional Comprehensive Economic Partnership (RCEP) was finally ratified by the Senate on Tuesday with a vote of 20-1-1.

RCEP was ratified through Senate Resolution 485 passed on third and final reading.

The Philippines became a part of the agreement during the Duterte administration. RCEP is a free trade agreement involving Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam, which took effect in January last year.

The ratification of the agreement is one of the priorities of the Marcos Jr. administration.

Meanwhile, the House of Representatives on Tuesday adopted a resolution expressing support for the immediate ratification of RCEP.

Only Senate Deputy Minority Leader Ana Theresia “Risa” Hontiveros voted against RCEP as she was concerned over the negative effects of the trade agreement to farmers and fisherfolk.

Meanwhile, Sen. Maria Josefa Imelda “Imee” Marcos abstained.

Executive Secretary Lucas Bersamin, Special Assistant to the President Anton Lagdameo Jr., Trade and Industry Secretary Alfredo Pascual were present during the Senate session approving RCEP.

Senate President Pro Tempore Lorna Regina “Loren” Legarda and Senate President Juan Miguel Zubiri sponsored the ratification of the RCEP, which is seen helping the Philippine economy recover from the effects of the pandemic.

Zubiri said the Philippines’ non-participation in the RCEP can lead to a -0.26 percent decrease in real gross domestic product (GDP), citing a study by Dr. Francis Quimba. On the other hand, the country’s GDP will grow by 2.02 percent if it participated under RCEP.

“The major Philippine agriculture products are excluded in the RCEP. These were not touched and their tariff will not go down,” he added, allaying fears of the effect of the agreement on the agriculture sector.

“We [will] never abandon the agriculture sector, and we will have a Senate Special Oversight Committee to make sure that our agencies are following the guidelines and fulfilling their mandate to our farmers, fisherfolk and other sectors,” Zubiri said.

CURRENTPH NEWS SERVICE