Connect with us

Hi, what are you looking for?


Farmers warn RCEP will damage other industries

The Regional Comprehensive Economic Partnership (RCEP) trade deal is expected to affect industries other than agriculture, farmers warned, with the resulting wave of imports expected to wipe out manufacturing.

“Whatever industry we have will be lost to RCEP. Imports will further displace our local output since RCEP will eliminate tariffs on 93% of our industrial tariff lines,” Kilusang Magbubukid ng Pilipinas (KMP) National Chairman Danilo Ramos said in a statement.

Mr. Ramos urged the government to instead prioritize the strengthening of domestic farming and fisheries production.

RCEP is a free trade deal involving the Association of Southeast Asian Nations (ASEAN), China, Japan, South Korea, New Zealand, and Australia.

Last week, 16 senators signed the committee report on the bill signifying the chamber’s concurrence to joining RCEP.

According to Jayson H. Cainglet, executive director of Samahang Industriya ng Agrikultura w(SINAG), Thailand and Vietnam prepared their agricultral industry to compete before joining RCEP.

Para huwag kang maiwan, ihanda mo yong sektor mo (To avoid being left behind, prepare your industries) Just look at these countries, hindi muna daanin sa pagpirma, unahan yan sa paghahanda ng sektor mo to compete globally (these countries did not sign the agreement to get their industries ready for global competition, they got their industries ready before signing) ,” he said in a briefing.

The Foundation for Economic Freedom (FEF) said it supports the agreement which it believes “will facilitate the expansion of regional trade and investment.”

“The agriculture sector’s uncompetitiveness today lies more on the protectionist and heavy-handed approach of the government in regulating agriculture over the years,” the group said in a statement Monday.

“Turning the situation around requires reintroduction of free market principles, starting with freeing up the land market allow greater consolidation and achievement of scaled economies in our agricultural production systems,” it added.

Earlier this month, Senate President and RCEP Sponsor Juan Miguel F. Zubiri said his target for ratifying the agreement is before Congress goes on its Easter break. — Sheldeen Joy Talavera

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

World News

Toronto’s school board has become the first in Canada to recognize that caste discrimination exists in the city’s schools and has asked a provincial...


A PROPOSAL to reduce tariffs to zero for imports of natural gypsum will stimulate domestic production of gypsum board, a construction material used in...


Tomorrow is Ash Wednesday. For Catholics around the world, it is the beginning of Lent, a period for reflection and contemplation. Speaking of reflection,...


THE Bureau of Internal Revenue (BIR) is studying the establishment of an international tax division specializing in deterring transfer pricing abuses. “We are trying...

Dislaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023 All Rights Reserved. Spirit