The economic managers welcomed the approval of the Senate resolution concurring in the ratification of the Regional Comprehensive Economic Partnership (RCEP) agreement on February 21, 2023. Photo from Department of Finance Fb page
The economic managers welcomed the approval of the Senate resolution concurring in the ratification of the Regional Comprehensive Economic Partnership (RCEP) agreement on February 21, 2023. Photo from Department of Finance Fb page

BETTER late than never! At long last, despite some opposition and resistance from several nongovernmental organizations, primarily agriculture-based groups which have been asking members of the Senate to abandon the trade pact, the Regional Comprehensive Economic Partnership (RCEP) was ratified by the Senate last Feb. 21, 2023 after two days of plenary debates. It will be recalled that former president Rodrigo Duterte signed the RCEP, but for it to be fully effective, it needs the concurrence of the Senate. Thus far, 20 senators have voted in favor of RCEP, one abstained and one voted against.

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