Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Business chambers endorse Trade dep’t position on joining RCEP, MSME support

by
July 3, 2022
in Investing News
0
Business chambers endorse Trade dep’t position on joining RCEP, MSME support
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter
REUTERS

TRADE Secretary Alfredo E. Pascual’s intention to join more free trade agreements received backing from major business chambers, who declared support for participating in the Regional Comprehensive Economic Partnership (RCEP).

Makati Business Club (MBC) Executive Director Francisco Alcuaz, Jr. said in a mobile phone message that the MBC supports Mr. Pascual’s plan to push for immediate RCEP ratification.

“We believe RCEP’s ratification is an important part of the open-for-business story we recently advanced with (the amended) Public Service Act (PSA), Retail Trade Liberalization Act, and Foreign Investments Act (FIA),” Mr. Alcuaz said.

British Chamber of Commerce Philippines Executive Director Chris Nelson said by mobile phone that while the priorities of the new Trade chief are generally on the right track, the Department of Trade and Industry (DTI) needs to push for further economic liberalization.

“We’ve seen (liberalization in) three key legislation that were passed, (amendments to the) Retail Trade Liberalization Act, the FIA, and PSA. We’d like to see that momentum continue,” Mr. Nelson said.

“I had a one-on-one discussion (with Mr. Pascual) and we agree on these priorities,” Philippine Chamber of Commerce and Industry President George T. Barcelon said.

Mr. Pascual announced his priorities during the DTI’s turnover ceremony on July 1.

“We will continue to push for the immediate ratification of the RCEP agreement and other trade agreements… These agreements will diversify the country’s exports… and enhance the country’s attractiveness to foreign investment,” Mr. Pascual said.  

RCEP failed to obtain Senate approval in the 18th Congress after some senators objected to the lack of protections for parts of the farm industry. It is now up to the 19th Congress to decide on RCEP ratification. The session is set to open on July 25.

RCEP, which started taking effect on Jan. 1 in jurisdictions that approved it early, involves Australia, China, Japan, South Korea, New Zealand and the 10 members of the Association of Southeast Asian Nations.

Mr. Pascual also expressed his intent to sustain the development of micro, small, and medium enterprises (MSMEs) and improve the food value chain.  

Calling MSMEs “the backbone of our economy,” he said he wants to “enable small businesses to grow and graduate from micro to small, from small to medium, and from medium to large.”

“To help address food security challenges, we will collaborate with the Department of Agriculture to improve the food value chains through upgraded transport and logistics facilities, including cold storage and cold chain facilities (and) increased community value adding,” he added.

“Increasing production and untangling bottlenecks are the effective way to fight inflation. Price controls and delayed suggested retail price adjustments will only squeeze production and result in actual, serious shortages,” the MBC’s Mr. Alcuaz said. — Revin Mikhael D. Ochave

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
Buy a shirt to give peace a chance

Buy a shirt to give peace a chance

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
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!
 

Recommended

PSC’s “Rise Up! Shape Up!” rounds up milestones in Women in Sports development

PSC’s “Rise Up! Shape Up!” rounds up milestones in Women in Sports development

June 30, 2022
Mitsui, Mitsubishi shares slide after Medvedev threat on gas, oil supplies

Mitsui, Mitsubishi shares slide after Medvedev threat on gas, oil supplies

July 6, 2022
BusinessWorld and brands: Evolving synergies grounded on solid trust

BusinessWorld and brands: Evolving synergies grounded on solid trust

August 10, 2022
Brits in EU slide into Brexit banking limbo as Barclays, Lloyd’s and Halifax shut their accounts

Brits in EU slide into Brexit banking limbo as Barclays, Lloyd’s and Halifax shut their accounts

August 15, 2022
Europe casts its lot in the Indo-Pacific Region

Europe casts its lot in the Indo-Pacific Region

June 21, 2022
Meme stock GameStop jumps on share split bandwagon

Meme stock GameStop jumps on share split bandwagon

July 7, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, 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.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.