Philippines studying prospects of joining TPP
ABS-CBN | 11 November 2015
Philippines studying prospects of joining TPP
MANILA - The Philippines is scrutinizing the text of the Trans-Pacific Partnership (TPP), consulting stakeholders and assessing the TPP’s economic impact on the country.
Trade Undersecretary Adrian Cristobal said they will express their interest to join the group on the sidelines of the APEC summit and during bilateral meetings with TPP member-states.
Cristobal noted that targeted consultations may happen in the first quarter of 2016.
Twelve out of the 21 APEC member-economies in attendance next week are part of the TPP trade bloc, accounting for 40 percent of world trade.
With two of the world’s largest economies, the US and Japan, in the TPP, Cristobal said the Philippines stands to gain more from joining the group, including sustaining the country’s growth momentum.
"Our top markets and investors are in the TPP such as Japan and the US, so I guess we do have to engage with that group of countries to ensure our growth continues in the next few decades," Cristobal said.
"We believe that the basic arguments of joining the TPP is sound and if we do not join, then we tend to lose market share to countries who are already in TPP and happen to produce the products we do and offer the same services," he added.
While a more liberal economy would be more beneficial to Filipinos, Cristobal said it’s up to legislators to study the possibility and potential gains from adjusting constitutional limits to foreign ownership.
