PH sees 19% export tariff to US as economic boost

Philippine officials are cheering a new 19% tariff on the country's exports to the US, viewing it as a move that will boost the Philippines' standing as a key investment and manufacturing hub in Southeast Asia.

According to Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go and Trade Secretary Cristina Roque, this tariff rate establishes the Philippines as one of the most competitive economies in Southeast Asia for trade with the US.

The new US tariff places the Philippines second only to Singapore in terms of competitiveness, with import duties on goods from other neighboring countries ranging significantly higher, from 19% to 40%.

Go expressed that this enhanced market access will make the Philippines a more appealing location for export-oriented investments, potentially diverting opportunities away from neighboring countries.

Secretary Roque also indicated that the finalized trade deal will not encompass major domestic agricultural and manufacturing industries within its concessions.