According to the Philippine Department of Trade and Industry (DTI), the recently-ratified Regional Comprehensive Economic Partnership (RCEP) agreement will benefit the Philippine garments and fish canning industries. At an investment forum in Manila, Trade Secretary Alfredo Pascual explained that the RCEP will enable the garments industry to import fabrics and textiles from 14 other countries, including China, and expand their market reach. Similarly, the fish canning industry will also benefit from the largest regional free trade agreement involving 10 Southeast Asian nations, Australia, China, Japan, South Korea, and New Zealand. Pascual emphasized the government’s efforts to enhance the ease of doing business and attract more foreign investors, including RCEP members, as part of its strategy to strengthen the domestic economy. He cited the Philippines’ interest in investments that promote science, technology, and innovation to foster innovative industries. In the first quarter of 2023, the Philippines’ Board of Investments (BOI) approved nearly 500 billion pesos (around 8.87 billion U.S. dollars) worth of investment projects, representing a remarkable 155 percent increase from the same period in 2022.
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