Photo Release

May 31, 2022

RCEP agreement explained: Sen. Aquilino “Koko” Pimentel III, chairperson of the Senate Committees on Foreign Affairs; and Trade, Commerce and Entrepreneurship, explains to his colleagues the benefits of concurring in the ratification of the Regional Comprehensive Economic Partnership Agreement (RCEP) during the interpellation on Senate Resolution No. 963, Tuesday, May 31, 2022. According to Pimentel, RCEP is the largest trading bloc with around 30 percent of the world’s population expected to be involved in the agreement and 30 percent of the world’s Gross Domestic Product (GDP) involved in the pact. “If we believe in the Filipino talent, it is just up to us to take advantage of the agreement because basically, a free trade agreement means that if you open up your market, I will also open up my market. That is the essence of the agreement,” Pimentel said. Pimentel added that RCEP would result in cheaper cost for producers, manufacturers, farmers and traders due to reduced traffic rates for imported goods. He said the agreement shall also simplify rules and customs procedures, resulting in less administrative costs, among others. (Albert Calvelo/Senate PRIB)