Senator Manuel Roxas II, one of the co-sponsors of the economic pact, which opens Japan to Philippine products and labor, immediately lauded the Senate's approval of Resolution 555, calling for concurrence of the ratification of the JPEPA.
But he also cautioned the government to ensure that the best interests of the Filipino people will always prevail in pursuing expanded economic, social and cultural relations between Japan and the Philippines.
"We are witnessing a financial tsunami going around the financial centers around the world. It is timely that we acted on the JPEPA at this time. It is necessary for us to keep up our competitiveness with our Asean neighbors, who have their respective economic agreements with Japan," said Roxas, co-sponsor of the treaty at the Senate.
"At long last, the JPEPA can now be implemented with the assurance that we in the Senate will maintain a hawk's eye vigilance against any potential abuse by either side. This is just the beginning. It is up to our government, in cooperation with the private sector, to fulfill and maximize the gains made possible through this treaty," he said.
He added that the JPEPA passage also paves the way for discussions between our neighbors on the Asean-Japan multilateral agreement. "Let us keep sight of what will work best for the Filipino people."
Roxas stressed that the advantages provided for by the JPEPA would not happen overnight, and there must be due diligence on the part of the government and businessmen to make sure that gains are realized, and Philippine laws are enforced and upheld.
"I urge the executive to continue to hold discussions with the various sectors on the benefits of the JPEPA, and to put in place the safety nets that as needed," he said.
President Gloria Macapagal-Arroyo thanked the Senate for ratifying the JPEPA.
Arroyo said the JPEPA ratification would open a bigger market for the country's agriculture, food and aquaculture industry and at the same time help the country face up to the global economic crisis.
"Please convey to all the senators how ratified the JPEPA last night (Wednesday) our heartfelt thanks. One of the biggest winners of the JPEPA is our agriculture, food and aquaculture industry," she said.
She also welcomed the ratification, which came at a time when the country is strengthening its trade and exports to other country following the financial turmoil in the US.
The President said the US is "no longer the top export market" for Philippine products of the country but China. She said that with ratification of the JPEPA, "Japan will open up" while the Philippine government is also strengthens its trade relations with European countries like France. (JMR/Sunnex)
