The Philippines shows promise as ASEAN’s retail hub

The nation’s economic advancement opens the door to more trade agreements for ASEAN

The Philippines has been seeing a boost in its economy now that pandemic regulations are lightening up. According to The Philippine Star, the growth of businesses within the nation is predicted to accelerate, especially businesses involving retail. Among the biggest factors behind this acceleration is the nation’s joining of the world’s largest free trade group Regional Comprehensive Economic Partnership (RCEP).

By becoming a member of RCEP, the Philippines is expected to put more focus towards economic legislations, such as the Public Services Act, Retail Trade Liberalisation Act, Foreign Investments Act, the Corporate Recovery and Tax Incentives of Enterprises Act, and several with the same nature would be fully utilised.

In addition to this, the National Economic and Development Authority (NEDA) reported that the government is anticipating a positive outcome on the mega-trade deal, adding that this membership would reap valuable benefits, especially with solidifying trade agreements covering goods, services, investments, economical and technical cooperation, as well as dispute settlement with the countries part of RCEP.

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The Philippines is said to have an advantage by serving as the stepping stone to involve the ASEAN region in the trade agreements and by having a growing workforce with a stable legal regime and plenty of potential. This makes the nation ideal for manufacturing, research, and development for both RCEP and non-RCEP countries. This also allows for expansion of investment and potential for better and higher quality work opportunities, which puts the country in line with the Philippine Development Plan 2023-2028.

Different Philippines-based businesses have been anticipating the nation’s joining of RCEP, revealed the Philippine News Agency. This partnership is forecasted to provide the business community with an enabling environment that helps them expand their businesses. Investors have also been looking forward to what the country has to bring forth as a production hub, so they have set their sights on the nation for the right opportunity to invest.

The Property Report editors wrote this article. For more information, email: [email protected].