Philippine garments, fish canning industries to gain from RCEP: official

MANILA, April 19 (Xinhua) -- The Philippine garments and fish canning industries will gain from the recently-ratified Regional Comprehensive Economic Partnership (RCEP) agreement, the Philippine Department of Trade and Industry (DTI) said on Wednesday.

"RCEP will prove advantageous for the garments industry in the Philippines, allowing them to source fabric and textiles from 14 other countries, including China, and export their products to a more extensive market," Trade Secretary Alfredo Pascual said during an investment forum held in Manila.

The Philippine fish canning industry will also benefit from the largest regional free trade agreement that involves 10 Southeast Asian nations, Australia, China, Japan, South Korea, and New Zealand, he added.

Pascual said the Philippine government is fortifying the domestic economy by bringing in more investors and ensuring that "game-changing economic reforms" are implemented to improve the ease of doing business and make the country more attractive to foreign investors, including the RCEP members.

In February, Philippine President Ferdinand Romualdez Marcos signed an executive order constituting green lanes for strategic investments.

"(The order) forms part of the president's commitment to addressing investors' pain points in doing business through a whole-of-government approach," Pascual said, adding his country is "particularly interested in investments that promote advancements in science, technology, and innovation to foster innovative industries."

During the first quarter of 2023, total investment projects approved by the Philippines' Board of Investments (BOI) reached nearly 500 billion pesos (roughly 8.87 billion U.S. dollars), a staggering 155 percent surge compared to the same period in 2022.

The BOI aims to secure 1.5 trillion pesos (roughly 26.61 billion dollars) in investments this year, Pascual said.