Metro Manila (CNN Philippines, April 26) — The Department of Energy (DOE) on Tuesday expressed support for the Regional Comprehensive Economic Partnership (RCEP) agreement, seeing it as a boost for the country’s energy sector.
In a statement, Energy Secretary Raphael Lotilla said the RCEP reflects the Philippines’ \”offensive interest to progressively liberalize trade and create a competitive investment environment in the region for the energy sector.\”
Lotilla also said the RCEP provides opportunities for expanded market access and establishes clear, stable and predictable rules on trade in energy goods and services, including investments among participating countries.
The energy chief said the department expects to further improve the business climate of the country’s energy sector as it pushes for the agency’s aim to explore, develop and utilize the country’s indigenous energy resources.
The DOE also welcomed the National Economic and Development Authority’ s endorsement of the executive order implementing the tariff commitments under RCEP.
\”The DOE is one with the Philippine government in assuring the public that the RCEP agreement will not adversely impact the country’s energy supply chain,\” the agency said.
\”At the very least, it will further boost and encourage trade and investments in the country toward affordable, reliable, resilient, secure, clean, sustainable, climate-centered, and accessible energy,\” it added.
Apart from this, the DOE noted the importance of tariff elimination and its significance in ensuring unhampered supply of commodities.
The DOE said the ASEAN and ASEAN+1 Free Trade Partners have already enjoyed zero percent tariff rates on energy goods covered under Chapter 27 of the Tariff Book published by the Tariff Commission.
Lotilla said the RCEP would have no negative impact on imported energy items such as oil and gas.
