President Duterte initiated the RCEP deal in September 2021. Without a timely ratification, Philippines lost billions of dollars when they were surely needed. And new challenges may loom ahead.

RECENTLY, the Senate finally ratified the Regional Comprehensive Economic Partnership (RCEP), the free trade deal among the Association of Southeast Asian Nations (Asean), East Asia's growth engines (China, Japan, South Korea), Australia and New Zealand. These countries account for almost a third of the world population and the global GDP. It is the largest trade bloc in history.