THE electronics industry expressed conidence in the industry’s competitiveness, but urged the Senate to ratify the Regional Comprehensive Economic Partnership trade agreement to enhance its prospects.
“RCEP is favorable to us because… we have top countries that compete electronics products. If we are not part of RCEP, then… compared to those countries who are participating in RCEP, our exports, with tariffs and everything, will be more expensive,” Mr. Lachica said.“The biggest asset we have in the Philippines is the productivity of our labor. If we can just rationalize holidays and address that, then we will continue to be advantageous and competitive with labor,” Mr. Lachica said.
Mr. Lachica urged the government to review the rationalization of incentives under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act, citing the need to compensate for the Philippines’ high operating costs.