RCEP winners and losers: Inquirer

Thanks to the free trade deal, the bulk of Filipinos will be able to buy cheaper agricultural produce and buy better quality products from overseas. - AP

MANILA (Philippines Daily Inquirer/Asia News Network): There is no such thing as a free lunch. This economic adage might have become a cliché, but it bears highlighting once more in the context of ongoing discussions regarding the proposed accession of the Philippines to the Regional Comprehensive Economic Partnership (RCEP) free trade deal that took effect, for the bolder and more prepared countries around the Asia-Pacific region, at the start of 2022.

The Senate, whose approval is required for all international treaties the country enters into, has deferred ratification of the deal that will potentially see the Philippines join an economic trading bloc that encompasses one-third of the world's population, one-third of the global economic output, one-third of potential global foreign direct investment inflows, and up to a quarter of all international trade in goods and services.