MANILA, Philippines — President “Bongbong” Marcos Jr. has approved a proposed Executive Order (EO) operationalizing the Philippines’ tariff commitments under the Regional Comprehensive Economic Partnership Agreement (RCEP).
This was revealed by National Economic Development Authority (Neda) Secretary Arsenio Balisacan on Thursday after the agency’s board, chaired by the President, held a meeting at Malacañang.
“During its fifth meeting today, the Neda board, chaired by President Ferdinand Marcos Jr., approved two landmark measures that will advance our efforts toward achieving deep social and economic change leading to a prosperous, inclusive, and resilient Philippines,” Balisacan said in a Palace press briefing.
“The first one was the approval of the executive order operationalizing the Philippines’ tariff commitment under the RCEP agreement,” he added.
RCEP is a free trade pact between all Association of Southeast Asian Nations (Asean) member states, as well as six of the regional bloc’s trade partners, including Australia, China, Japan, South Korea, and New Zealand.
“[President Marcos could sign the EO] anytime between now and the second of June. But hopefully earlier so that Customs can also prepare their administrative order,” according to Trade Secretary Alfredo Pascual.
However, Pascual said the EO would take effect on June 2, 2023.
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