The Philippines has an “irreplaceable” role in the China-led Regional Comprehensive Economic Partnership (RCEP) agreement, especially since Manila holds the chairmanship of the Association of Southeast Asian Nations (Asean) this year, the Department of Finance (DoF) said.

In a statement on Monday, the DoF noted a visiting high-level Chinese delegation led by Vice Premier Wang Yang has underscored the crucial role that the Philippines will play in RCEP agreement.

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