Metro Manila (CNN Philippines, April 20) — President Ferdinand Marcos Jr. approved the proposed executive order operationalizing the Philippines’ tariff commitments under the mega-trade pact among 15 Asia-Pacific economies, the National Economic and Development Authority (NEDA) announced.
“During its meeting today, the NEDA Board, chaired by President Ferdinand Marcos Jr., approved two landmark measures that will advance our efforts towards achieving deep social and economic change, leading to a prosperous, inclusive, and resilient Philippines,” NEDA Secretary Arsenio Balisacan said during a Palace briefing on Thursday.
He was referring to the proposed EO on the Philippines’ tariff commitments under the Regional Comprehensive Economic Partnership (RCEP) and the recommendations for the Social Protection Floor.
READ: NEDA Board greenlights social security measures for vulnerable Filipinos
RCEP, which is set to take effect in the Philippines by June 2, is designed to eliminate tariffs — or the taxes imposed on imported products — on 90% of goods between the signatories within 20 years.
READ: EXPLAINER: What is RCEP? Will PH benefit from it?
Trade Secretary Alfredo Pascual said RCEP would provide opportunities for the country as this is a “modern, comprehensive, high quality and mutually beneficial economic partnership agreement” between Australia, China, Japan, New Zealand, South Korea, and the 10 members of the Association of Southeast Asian Nations (ASEAN) including the Philippines.
Asked when Marcos would sign the EO, Pascual said: “Anytime now.”
“Hopefully earlier, so the Customs can also prepare their administrative order,” he said.
