Proponents are hoping the Philippine Senate in the coming weeks will ratify the proposed free-trade agreement with Japan, arguing that even though the country may gain little initially from the pact, it stands to lose greatly as other nations in the area join in such accords.
If lawmakers nix the controversial Japan-Philippines Economic Partnership Agreement, the Philippines runs the risk of losing the race against several Southeast Asian neighbors that have ratified their own trade pacts with Japan, said Sen. Manuel Roxas, a former trade secretary.
"It is very, very clear that we stand to lose if we don't ratify the agreement. If the time is up and we need to decide now, we better ratify it," said Roxas, chairman of the Senate Committee on Trade and Commerce, which jointly sponsored with the Committee on Foreign Relations a series of hearings on the strengths and weaknesses of the trade pact.