Media Statement
February22,2023
The seven members of the Joint Foreign Chambers in the Philippines laud the Philippine Senate for concurring in the ratification of the Regional Comprehensive Economic Partnership (RCEP) agreement.
RCEP is the largest trade bloc in the world, representing around a third of global GDP, trade, and population. The Philippines’ inclusion in the bloc further expands the network of foreign markets accessible to Philippine exports. It reinforces the decision of many of our members to invest in the Philippines and will attract more investment from our home countries.
It likewise builds on significant reforms that benefit the national economy such as TRAIN 1, CREATE, Electric Vehicles Industry Development Act, Philippines Creative Industries Development Act, and the amendments to the Public Services, Retail Trade Liberalization, and Foreign Investments Acts.
We thank the Philippine Senate for the measured and deliberate process it took in finally concurring in the ratification of the RCEP. We look forward to working with the Philippine government to improve the countries’ investment climate and attract more foreign investments in light of the new opportunities that RCEP provides.
The JFC is a coalition of the American, Australian-New Zealand, Canadian, European, Japanese, Korean chambers and PAMURI. We represent over 3,000 member companies engaged in around $100 billion worth of trade and some $30 billion worth of investments in the Philippines. The JFC supports and promotes open international trade, increased foreign investment, and improved conditions for business to benefit both the Philippines and the countries the JFC members represent.
Approved by the following:
American Chamber of Commerce of the Philippines
Australian-New Zealand Chamber of Commerce of the Philippines
Canadian Chamber of Commerce of the Philippines
European Chamber of Commerce of the Philippines
Japanese Chamber of Commerce and Industry of the Philippines, Inc.
Korean Chamber of Commerce of the Philippines, Inc.
Philippine Association of Multinational Companies Regional Headquarters, Inc.