Philippine News Agency
Will US tariffs cut exports? NEDA chief says otherwise
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).
Despite this potential boost, NEDA anticipates that the Philippines will still fall short of its target economic growth range of 6.0% to 8.0% for the year.
Simulations indicate that a 10% tariff on goods from Southeast Asian countries and a 125% tariff on Chinese goods could drive the Philippine economy, albeit minimally.
A previous US policy, termed "Liberation Day," had planned a 17% reciprocal tariff on Philippine goods, which has now been paused for 90 days for most countries except China, with the Philippines potentially facing a baseline 10% tariff.
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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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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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Moody's Analytics has lowered its 2025 GDP growth forecast for the Philippines to 5.8% from 5.9% due to the anticipated impact of US reciprocal tariffs.
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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.
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The ASEAN+3 Macroeconomic Research Office (AMRO) forecasts that the Philippines might fall below its six percent economic growth target for 2025 due to the impact of reciprocal tariffs imposed by the United States.
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