According to a recent study by the Philippine Institute of Development Studies (PIDS), the Philippines should strengthen its strengths in trade and professional services to take advantage of the opportunities in trade in services created by the Regional Comprehensive Economic Partnership (RCEP). ).
The study, “Opportunities for the Philippines under RCEP: Trade in Services,” examines how RCEP could enhance the contributions of trade in services to the Philippine economy through commitments made and restrictions imposed.
In terms of coverage and degree of liberalization, he identified RCEP as an alternative path for regional trade liberalization and a challenger for the Trans-Pacific Partnership. The newspaper says RCEP will open up new trade and investment opportunities.
“As a result, the enhanced partnership can contribute to the development of human resources and infrastructure – which are essential to the economic growth and development of the Philippines,” the document adds.
He said the Philippines has strengths in business and professional services that can be used to leverage RCEP’s prospects for trade in services.
“We can see that the Philippines has strengths in terms of competitiveness, language proficiency, cultural adaptability, human capital and government involvement,” the report adds.
These strengths, he stressed, can be further developed with government and institutional support. In the context of a highly competitive region in the Association of Southeast Asian Nations, development programs aimed at improving education and language, for example, are important.
However, research has revealed that the Philippines’ service industry has internal and intrinsic vulnerabilities that deter foreign investors from entering the country. Because of these flaws, the Philippines imposed restrictions on market access and national treatment on other RCEP members.
“We can see that the Philippines needs to address issues around scalability, education and training, demographics, country branding and marketing, language and culture, cost of mobility, and mobility. legal aspect,” he continued.
The study added that these shortcomings can be corrected by development policies aimed at improving education and training in technical and soft skills, improving the image of the country by focusing on value-added contributions that can be offered to the world market and by constantly negotiating with regional partners. savings to harmonize service standards.
The article was written by John Paolo Rivera, Adjunct Professor at the Asian Institute of Management and Associate Director at AIM-Dr. Andrew L. Tan Center for Tourism, as well as Tereso Tullao Jr., professor emeritus at De La Salle University School of Economics and director of the Institute of Economics and Business Studies at DLSU Angelo King.