British chamber favors RCEP ratification

The executive director of the British Chamber of Commerce of the Philippines (BCCP) sees the need to immediately ratify the Regional Comprehensive Economic Partnership (RCEP) agreement and easing of international travel requirements for fully vaccinated passengers to attract more foreign investments to the country.

BCCP Executive Director and Trustee Chris Nelson told The Manila Times that BCCP is strongly suggesting the ratification of RCEP.

"I think RCEP would be very important to the Philippines for a variety of reasons. The key is it will give access to the Philippines from a much enhanced market. From the UK perspective, the UK is looking to do further trade agreements and is interested in trade agreements in Asia and therefore it will be good for the Philippines," said Nelson.

RCEP, which took effect earlier this month, is a free trade agreement between the 10-member Association of Southeast Asian Nations (Asean), China, Japan, Australia, New Zealand, and South Korea.

President Rodrigo Duterte ratified the agreement in September, but membership of the Philippines in RCEP is still awaiting concurrence by the Senate.

Nelson said the ratification of RCEP would encourage more investors to invest in the Philippines, noting that the country could actually be a market access to Southeast Asia and potentially other markets.

"Joining the RCEP reinforces that as an opportunity. It is very important for the Philippines to join the RCEP and we would very much welcome and hope that the Senate ratifies the agreement before the 5th of February. The potential benefit is very high. It is important not only for the long-term future of the Philippines not only for trade but also in the short term, as a clear signal and a further stimulus to the Philippine economy," he said.

Aside from the RCEP ratification, Nelson sees the need for the easing of travel requirements for fully vaccinated international travelers.

"We have business people who we have done work with and would like to visit the Philippines now to further cement their relationship. The Philippines since the pandemic has been relatively restrictive in terms of entry into the country. Also currently, there is a cap on arrivals at NAIA (Ninoy Aquino International Airport) and that cap limits the airlines. So I think going forward we need to further open this up," said Nelson.

The Philippines is lifting the quarantine policy for fully vaccinated foreign travelers and returning overseas Filipinos, starting February 10 and February 1, respectively.

Under the relaxed rules, arriving passengers would no longer be required to undergo facility-based quarantine but should self-monitor for any sign or symptom for seven days with the first day being the date of arrival.

The Civil Aeronautics Board earlier implemented a 3,000 passengers a day cap at the NAIA.

"We need to significantly raise the cap because the airlines also need our support," said Nelson.

"They [investors] normally come for about a week and they don't want to spend that in quarantine. I think it is important that the Philippines should be progressive. International travel is important and we want to encourage them and the way forward is to keep on reopening the economy by accelerating vaccination and opening up to international travel," said Nelson.

Source: TheManila Times