Philippine ag exports may benefit from lower US tariffs

The Philippines' agriculture chief, Francisco Tiu Laurel Jr., stated that new US tariffs could benefit Philippine agricultural exports.

Laurel noted that the tariff imposed on Filipino goods is lower compared to those of neighboring Southeast Asian countries like Indonesia, Vietnam, and Thailand, with the Philippines having a 17 percent rate for tilapia fillets or whole fish, whereas Vietnam's rate is 46 percent and Thailand's is 34 percent.

US President Donald Trump imposed a 17% tariff on products coming from the Philippines, part of his broader policy aimed at addressing issues like the decline of US manufacturing capacity.

Philippine exports such as coconut oil, tuna, seaweed, and other fish could gain an advantage in the US market due to these lower tariffs.

In a press conference Thursday, Laurel advised focusing on promoting Philippine products in the US rather than seeking alternative markets and said that the Department of Agriculture will review the new tariffs' impact as it varies by commodity.

Laurel expressed concern over Ecuador, which only has a 10 percent tariff but produces similar goods to those exported from the Philippines.