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‘Trump tariffs to impact Philippine exports, growth’
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.
While the Philippines is less exposed than other ASEAN nations, the tariffs are expected to weigh on the country's exports and economic growth.
Economists predict the tariffs could dampen industrial output and slow GDP growth, with key sectors like electronics and agricultural products likely to be affected.
The US accounted for nearly 17 percent of Philippine exports in 2024, and BPI estimates the new tariffs could cause Philippine export growth to contract by 4.2% this year, a reversal from the previously projected 6.1% expansion.
Industrial production may also slow by as much as 1.7 percent due to disruptions in supply chains and reduced trade with the US.
Imports are also expected to see a sharp slowdown, growing to just one percent from an initial projection of seven percent this year.
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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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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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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 Philippines sees an opportunity to boost exports to the US following the imposition of a 17% reciprocal tariff by US President Donald Trump.
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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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