MANILA -- The Philippine Senate has ratified the Regional Comprehensive Economic Partnership, completing the process for participation in the worlds biggest free trade agreement.

Other than Myanmar, the Philippines is the last country to ratify the deal, which eases market access among signatory countries. President Ferdinand Marcos Jr. had expressed reservations about the agreement but had a change of heart.

Marcos was worried about the detrimental effects of foreign competition on the local farming sector, which he has vowed to revitalize in his dual role as agriculture secretary.

But the president, speaking to investors in Tokyo earlier this month, declared his support for RCEP. The shift came as Marcos advocates for an increase in agricultural product imports to tackle inflation, which has surged to a 14-year high.

After wrapping up deliberations late on Tuesday, 20 senators voted in favor of ratification. One voted against it while another abstained.

RCEP, originally signed in late 2020, brings together the 10 members of the Association of Southeast Asian Nations and neighbors Australia, China, Japan, New Zealand and South Korea. The huge bloc covers about 30% of the worlds gross domestic product, trade volume and population.

Major business groups, which have long called for ratification, praised the Senates approval.

"The ratification will enable the Philippines to compete on equal footing with our ASEAN and Asian partners already in RCEP in attracting foreign investments, as they capitalize on the shift by a number of multinational corporations to seek alternative locations for their manufacturing sites," the Management Association of the Philippines said in a statement on Wednesday.

National Economic and Development Authority Secretary Arsenio Balisacan also hailed the move.

"With the countrys participation [in] RCEP, the Philippines has now further strengthened its position as an ideal investment hub in the region as we expand market access, facilitate trade, and align our rules and procedures with participating economies," Balisacan said.