Philippine News Agency
Tolentino seeks National Trade Commission to address US tariff impact
Senate Majority Leader Francis Tolentino proposed the creation of a National Trade Commission to study the economic impact and opportunities for the Philippines under the new US tariff regime.
This commission, composed of experts in trade, finance, and investments, would develop policy recommendations for the President and Congress to create long-term economic strategies.
Tolentino noted that the 17 percent tariff on Philippine products could immediately affect sectors like electronics and agriculture.
However, he also highlighted that the relatively lower tariffs for the Philippines compared to China and other nations present an opportunity.
The commission could identify products where the Philippines has a comparative advantage and explore strategies to attract manufacturers potentially relocating from China.
Tolentino suggested preparing export processing zones to position the Philippines as an attractive destination for prospective investors.
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Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go will travel to the United States to meet with US Trade Representative Jamieson Greer regarding President Donald Trump's announced 17% reciprocal tariff on Philippine goods.
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The National Economic and Development Authority (NEDA) stated that current US tariffs are likely to result in a minimal positive impact on the Philippine economy, potentially increasing exports by 1.5% but with a less than 0.5% effect on the Gross Domestic Product (GDP).
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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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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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The Philippine government, through Trade Secretary Ma. Cristina Roque, has stated that the Philippines will not engage in retaliatory measures against the recently imposed 17-percent tariff on certain Philippine goods entering the US market.
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