Philippines eyes zero tariffs on US goods for FTA

The Philippines is considering reducing tariffs on certain products from the United States to zero as part of efforts to secure reciprocal lower or zero tariffs from the US.

Finance Secretary Ralph Recto stated during a recent press chat that lowering tariffs on some US goods would have minimal impact on the country, and emphasized the government's openness to offering zero tariffs on selected imports similar to Vietnam’s approach.

President Ferdinand R. Marcos Jr. departed for an official visit to the US where he is scheduled to meet with President Donald J. Trump to discuss the proposed 20% US tariff on Philippine exports and push for a free trade agreement (FTA) between the two countries.

The latest data shows that the United States accounted for 15.3 percent of the country's total exports in May, with a value of USD1.115 billion.

The Philippines is also pushing for FTAs with the US, Europe, and other countries to expand its markets and attract more investments, aiming to reduce duties on Philippine products and boost manufacturing exports.