By Robina Asido

Trade Secretary Ramon Lopez warned that the Philippines may miss many trade and investment opportunities if the ratification of Regional Comprehensive Economic Partnership (RCEP) is delayed.

During the ''Laging Handa'' public briefing, Lopez expressed belief that the impact caused by the delay of the ratification of RCEP is not too big if the Senate will be able to discuss it within January.

"It may have an impact if the delay lasts longer," he said.

RCEP went into force on January 1.

"Many opportunities will be wasted in terms of trade and investment if it (the ratification) will be delayed for a long time. That is why we are expecting that in the first two weeks or three weeks of January the Senate will be able to ratify this," he added.

Lopez explained that the Philippines may lose the trust of investors if the RCEP is not ratified.

"We will not be able to maximize the market access in our export countries, trade partners because we are not included here (RCEP) we will not benefit in lowering of tariff in other countries, and the investors will not come here, we will have lesser job opportunity that is why it is very important to ratify this," he said.

Lopez also expressed belief that the delay in the ratification of RCEP is only caused by "lack of material time."

"In the last day of their session last December, we are monitoring this, even the senators want to tackle this, in fact were able to complete the committee level but when it comes to the plenary they have to prioritize a lot of important matters number one is the budget and the discussions on the economic reforms so they also have to finish it," he said.

"They were able to finish the Public Service Act, Retail Trade Law and the Foreign Investment Act, so the Senate were able to finish all of this, we are thankful to the Senate for finishing this major reform plus the budget, we just ran out of time for RCEP," he added. DMS