Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman welcomed the Senate’s concurrence and formal approval of the Philippines' participation in the Regional Comprehensive Economic Partnership (RCEP) free trade agreement among its Asia-Pacific neighbors.

“We welcome the prompt and decisive action of the Senate to ratify the RCEP.  We especially thank Senate President Juan Miguel ‘Migz’ Zubiri and Senate President Pro Tempore Lorna Regina ‘Loren’ Legarda for sponsoring the RCEP ratification and for defending this much-needed agreement for the economy,” said Secretary Pangandaman who attended the free trade agreement’s deliberations at the Senate session hall yesterday.

“We also thank the House of Representatives under the leadership of Speaker Ferdinand Martin Romualdez for expressing their support for the RCEP Ratification through House Resolution No. 728,” Sec. Pangandaman added.

Twenty senators voted on Tuesday night, February 21, for the ratification of the said trade agreement, with one dissenting vote and one abstention.

“The RCEP Agreement is an instrument that will further our economic trade with participating Asia - Pacific nations. We have to capitalize on the benefits of the Agreement, as it will help provide the Filipino people with more avenues for better economic opportunities and outcomes. All in pursuit of our Agenda for Prosperity,” Secretary Pangandaman said.

Secretary Pangandaman earlier submitted the position of the DBM to the Senate expressing the department’s support for the Senate concurrence on the Ratification of RCEP Agreement.  

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