The Philippine Senate has approved the country’s participation in the Regional Comprehensive Economic Partnership, the world’s largest trade deal that includes China and Southeast Asian nations.
(Bloomberg) — The Philippine Senate has approved the country’s participation in the Regional Comprehensive Economic Partnership, the world’s largest trade deal that includes China and Southeast Asian nations.
Twenty senators voted to concur with the government’s ratification of the deal, Senate President Juan Miguel Zubiri said in a statement Wednesday. Under the Philippine Constitution, at least two-thirds of 24 senators must approve a treaty or international agreement for it to be valid in the nation.
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Joining the 15-nation deal will give the Philippines greater access to goods and boost investments, Finance Secretary Benjamin Diokno said in a separate statement. Minority Senator Risa Hontiveros, the lone lawmaker who opposed the deal, however said that the country’s farm sector stands to lose from the agreement.
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