The Daily Tribune
Looming economic plague seen
The Management Association of the Philippines (MAP) has voiced strong opposition to the new 17 percent import tariff imposed on Philippine goods bound for the United States, deeming it a potential economic crisis.
MAP President Alfredo Panlilio stated that while the Philippines might not be immediately or severely impacted, the global economy's interconnectedness means that negative effects on other nations could eventually spread and harm the Philippine economy.
This perspective contrasts with that of Philippine economic managers, including Secretary Frederick Go, who reportedly view the reciprocal tariffs as potentially advantageous rather than detrimental to Filipino exporters.
The MAP has formally urged several key government agencies, including the DTI, DFA, DOF, NEDA, and others, to carefully assess the implications of this shifting global economic landscape on the Philippines' economic security.
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US President Donald Trump announced a 17% reciprocal tariff on all Philippine goods, effective April 9, as part of his "Liberation Day" tariff plan impacting 11 ASEAN countries.
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Business leaders in the Philippines, represented by the Management Association of the Philippines (MAP), are urging the government to establish an Economic Security Council to assess the economic repercussions of the 17 percent tariff imposed by the United States.
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The Philippine Chamber of Commerce and Industry (PCCI) is urging the government to implement swift and strategic actions to mitigate the economic impact of the United States' new 17 percent tariff on Philippine goods.
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Senate President Francis Escudero urged economic managers to prepare contingency plans for the new 17 percent US tariff on Philippine exports, set to take effect on April 9, 2025.
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Malacañang stated that the 17% reciprocal tariff imposed by the US government on Philippine exports will have a minimal impact on the country.
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