September 14, 2025 | 12:00am
To diversify markets
MANILA, Philippines — The nation’s largest enterprise group is urging the federal government to speed up efforts to affix the Complete and Progressive Settlement for Trans-Pacific Partnership (CPTPP) to increase markets being served by native companies amid protectionist insurance policies being imposed by different nations.
In a press release, the Philippine Chamber of Commerce and Trade (PCCI) mentioned it’s strongly endorsing the Philippine authorities’s formal utility to accede to the CPTPP.
“We urge the federal government to pursue this accession with urgency and stay up for supporting the method,” the PCCI mentioned.
Earlier, the Division of Commerce and Trade mentioned it’s aiming to formally submit its utility to affix the CPTPP this yr.
The multilateral commerce settlement units excessive requirements for its member nations.
At current, the CPTPP consists of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the UK, representing a mixed inhabitants of over 500 million and a gross home product of $13.5 trillion.
For the PCCI, becoming a member of the CPTPP is crucial for securing the nation’s financial future amid growing international commerce fragmentation and protecting measures being imposed by different nations.
“This accession just isn’t merely a possibility however a strategic necessity. With key buying and selling companions changing into extra cautious towards imports to bolster their very own home industries, the Philippines should proactively diversify its export markets and cut back its vulnerability,” the PCCI mentioned.
The group mentioned becoming a member of the CPTPP would give the nation preferential entry to markets the place it at present lacks bilateral commerce agreements.
“For Philippine enterprises, from massive companies to micro, small and medium enterprises, this interprets into diminished tariffs, better predictability in commerce guidelines, and enhanced funding prospects,” the PCCI mentioned.
Becoming a member of the CPTPP can be anticipated to encourage companies to increase their attain, combine into regional worth chains and compete on a world scale.
Aside from being aligned with the targets of the Philippine Growth Plan 2023 to 2028, becoming a member of the CPTPP is predicted to increase the nation’s commerce agreements, together with the Regional Complete Financial Partnership, in addition to bilateral commerce offers with Japan, South Korea and the European Free Commerce Affiliation.
“The PCCI believes that CPTPP membership is a decisive step towards future-proofing the Philippine economic system. It’ll appeal to high-quality investments within the nation, create jobs and supply our companies with the platform they should thrive in an more and more aggressive and protectionist international setting,” the group mentioned.