PH economic growth projection unlikely to be affected by US tariffs

Socioeconomic Planning Secretary Arsenio Balisacan stated that the Philippines' economic growth projection for the year will likely remain unaffected by the United States' 19% tariff imposition.

Balisacan explained that the impact would be minimal due to the country's diversified export markets, with a larger volume of exports going to other nations.

He emphasized that the quantitative impact of tariffs on imports is more significant than the effect of export tariffs.

While the government's GDP targets are not expected to be affected, Balisacan indicated a desire to improve trade terms with the U.S.

Balisacan also highlighted the need for the Philippines to diversify its export markets and enhance productivity and infrastructure.

The primary focus, according to Balisacan, should be on removing constraints that hinder the growth of businesses, entrepreneurs, and startups within the country.