The Daily Tribune
Philippines to showcase coconut industry’s future at global congress
The Philippines may lose up to P30 billion in annual revenue if a zero-tariff deal on US goods is implemented, according to the Bureau of Customs.
The Bureau of Customs estimates that P27 billion to P30 billion would be collected this year from US imports such as vehicles, pharmaceuticals, and soybeans.
The potential revenue loss comes as the US seeks broader trade concessions from the Philippines, including a 19% tariff on Philippine exports to the US.
The Philippines has agreed in principle to exempt US cars, wheat, soybeans, and medicines from domestic tariffs as part of trade negotiations.
The Philippines initially faced a 17% tariff on US goods in April, but the current discussions involve potential zero tariffs.
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