The Philippines would benefit in the infrastructure and supply chain pillars of the IPEF but it would benefit more if a separate digital economy agreement would push through, according to an international think tank.
Gregory Poling, director and senior fellow of Director and Senior Fellow of the Center for Strategic and International Studies, dissected the benefits of the Philippines if it participates in the new US initiative during an economic briefing on “The US Indo-Pacific Economic Framework : What’s in it for the Philippines?” hosted by the Makati Business Club and the American Chamber of Commerce of the Philippines.
But Poling noted that the first pillar does not provide market access to trade as the Biden administration does not expect to get an approval for ratification from an unfriendly Congress. With issues hounding pillar one, Poling said there is a probability to carve a separate digital economy deal in the IPEF. Like-minded countries like the Philippines that already agree on the types of standards and privacy regulations that could be easily codified will have easier time forging an agreement.
While these things can be negotiated, Poling cited the thriving BPO sector, among others, that makes greater market access abroad and greater regulatory coherence in bigger economies like Japan the US are very attractive to Philippine firms and Philippine IT companies to ensure supply chain resiliency.
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