The Filipino government is expected to forego tariff revenue of over $58 million a year from the 15-country Regional Comprehensive Economic Partnership (RCEP) trade deal. Although painful, this is among the smallest projected losses in the region.
These losses should be milder than the foregone revenue to be experienced by other ASEAN countries. The RCEP trade pact binds all ten ASEAN countries and major trade partners; it was signed in November.
According to a Boston University study, a simulation for tariff liberalization under RCEP shows that tariff revenue loss post-RCEP will be highest for Malaysia, which will lose around $2.1 billion per annum, followed by Thailand with tariff revenue loss of $800 million.
According to the working paper RCEP: Goods Market Access Implications for ASEAN published this month, Cambodia and Vietnam will sustain tariff revenue losses of $334 million and $192 million per year, respectively.
Bworldonline.com reports that imports to the Philippines will increase by more than $148 million each year. In ASEAN, the largest increase will be seen in Malaysia and Cambodia at $3.7 billion and $2.3 billion, respectively.
Source: Fresh Plaza
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<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
