PHILIPPINE businesses need to move faster in tapping opportunities under the Regional Comprehensive Economic Partnership (RCEP), or risk losing out to neighboring countries, a business leader said.
Jay Yuvallos, chair of the East Asia Business Council (EABC) Philippines, said local firms must better integrate into the regional economy as global trade becomes more uncertain.
Speaking at a forum organized by the Management Association of the Philippines, Yuvallos warned that the country could miss out on opportunities in the world’s largest trading bloc if it continues to act in a fragmented and short-term manner.
RCEP, which took effect in 2022, brings together 15 Asia-Pacific economies covering about 30 percent of global output and a market of roughly 2.3 billion people. The deal aims to make it easier for countries to trade, invest, and connect supply chains.
Yuvallos said the Philippines should treat participation in RCEP as a long-term strategy to help local businesses expand into East Asia.
To support this, the EABC Philippines is rolling out programs to help companies better understand RCEP, including business clinics, support units for firms entering regional markets, and tools to help small businesses join supply chains. It is also promoting digital trade systems and sustainable business practices.
“These initiatives are small steps, but when coordinated, they can create meaningful impact,” Yuvallos said.
He cited Cebu as an example of how local economies can build competitiveness. The province has developed economic corridors where industries such as manufacturing, logistics, shipbuilding, agriculture, and tourism support each other. The Cebu Investment Center also helps attract foreign investors.
However, Yuvallos said Cebu’s experience also highlights a key problem across the country—lack of coordination.
“We must overcome our biggest challenge: fragmentation,” he said. “Fragmented agendas, silos, and turf wars slow progress. The enemy is us.”
The issue becomes more pressing as the Philippines prepares to chair the Association of Southeast Asian Nations (Asean) in 2026.
Yuvallos said the country must be ready to compete with neighbors like Malaysia, Singapore, Thailand, and Vietnam, which are already strengthening their roles in regional supply chains.
He added that the Asean chairmanship gives the Philippines a chance to push initiatives that will benefit local industries, especially micro, small, and medium enterprises, as well as emerging sectors like semiconductors and critical minerals.
Yuvallos also stressed the importance of preparing the next generation of leaders. He noted that many young Filipinos feel uncertain about the future but are calling for more accountability and transparency.
“We must do something for our youth and the future,” he said. “Their insights remind us that the future belongs to the prepared, united, and empowered.” / KOC