Press Release - Senate President Pro Tempore Jinggoy Estrada Opening remarks

Senate Special Oversight Committee on the Regional Comprehensive Economic Partnership (RCEP) Agreement

Our hearing today is called in accordance with the Government's commitment to ensure that the promised economic benefits from the Regional Comprehensive Economic Partnership Agreement (RCEP) will be fulfilled.

RCEP, a free trade agreement between the 10 ASEAN Member States and 5 of ASEAN's external partners, is touted as the world's largest trade deal that will provide a framework aimed at lowering trade barriers, and securing improved market access for goods and services for businesses.

It has been over a year since the agreement entered into force for the Philippines. While we understand that this agreement is by no means a silver bullet that will speedily address all our trade woes, we want to ensure that it will not be a hindrance to the agri-fisheries sector and MSMEs from reaching their full potential. Now we are gathered again to hear from the government, how we are faring in terms of our commitments to ensure that vulnerable sectors will not only be protected, but they will also be more competitive.

Your Committee is committed to ensure that the maximum benefits of the agreement will be felt by the Filipino people, by allowing the agri-fisheries sector and MSMEs to be supported with ample access to improved efficiency, information, and opportunities to improve, develop, and compete.