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PCCI warns of economic disruptions from US tariffs
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.
While the tariff rate is among the lowest in Southeast Asia, the PCCI expressed concern over the uncertainty regarding which specific export products will be affected, leaving local industries vulnerable.
The business group noted that such tariffs historically target key export sectors like food, agriculture, and electronics, which are significant for the Philippine economy.
PCCI president Enunina Mangio stated that these developments present both challenges and opportunities for the country's exporters.
Furthermore, the PCCI is apprehensive about potential retaliatory measures from other countries in response to the US tariffs.
These retaliatory actions could disrupt global supply chains, increase business costs, and create uncertainty, ultimately leading to a broad negative effect on economic growth.
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News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
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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Philippine business groups are concerned about potential retaliatory actions from ASEAN members in response to new US tariffs.
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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.
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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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The Philippine government's economic team, specifically the National Economic and Development Authority (NEDA), estimates that US reciprocal tariffs of 17% on Philippine exports could reduce the country's gross domestic product (GDP) by 0.1% in the next two years.
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