PHL to push sustainability agenda as EABC chair

THE PHILIPPINES is keen to increase its participation in the Regional Comprehensive Economic Partnership (RCEP) and reduce trade barriers as it assumes the chairmanship of the East Asia Business Council (EABC).

Jay Y. Yuvallos, EABC chairman for 2026, said the EABC’s priorities are advancing sustainability, strengthening regional value chain integration and RCEP utilization, and reinforcing investor confidence.

According to Mr. Yuvallos, sustainability and the circular economy should be advanced in a realistic manner that is workable for businesses.

“Many companies, especially micro, small and medium enterprises (MSMEs), want to participate meaningfully in the sustainability transition but face constraints in cost, capability, and access to practical guidance,” he said at a briefing on Wednesday.

“EABC will support approaches that strengthen competitiveness while making sustainability more achievable across the region,” he added.

He said that although RCEP offers strong potential, its utilization varies among participants.

“Its impact depends on how effectively companies can use it in practice,” he said.

In particular, he said that more advanced countries are benefiting more from the framework.

“They have a good system that we can follow; they are willing to share with us, specifically Japan and Korea,” he added.

He said RCEP is not meant to only benefit exporters but also the other companies, especially the MSMEs, who can participate in the global value chain.

“This is very ambitious … but we hope to leverage what we can for the chairmanship year of the Philippines,” he said.

“We have to look at the ecosystems that are thriving in our economy and how our MSMEs can plug into them” to play to our strengths, he added.

Despite the challenges, he said that the EABC remains confident in expanding trade within the region, more so if the region addresses barriers to trade.

“Digitalization is one of those key areas that we need to work on,” he added, noting that talks are in place to harmonize digital payments and platforms.

On Wednesday, the EABC held a chairmanship turnover ceremony from Malaysia and China to the Philippines and Japan. — Justine Irish D. Tabile