Inflation-hit Philippines joins world’s largest free trade pact RCEP

Officials hope the world’s largest free trade agreement can help the Philippines attract better jobs and source cheaper commodities amid record-high inflation. - Bloomberg

MANILA (The Straits Times/Asia News Network): The Philippines joined the Regional Comprehensive Economic Partnership (RCEP) on Tuesday (Feb 21) night, in the hope that the world’s largest free trade agreement can help the country attract better jobs and source cheaper commodities amid record-high inflation.

The Senate voted on Tuesday night to ratify the pact, which includes the 10 Asean members, as well as China, Japan, South Korea, Australia and New Zealand. The Philippines was the last signatory state to ratify the RCEP, which took effect in January 2021.