Manila Times
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Friday, May 09, 2025
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Philippines Remains Unfazed by Upcoming US Reciprocal Tariffs
Country's Trade Chief Expects Minimal Impact Due to Strong Ties with the US and Low Trade Deficit
The Philippines is awaiting a dialogue with Washington regarding the US administration's universal tariff plan, which is set to impose reciprocal tariffs on every nation.
According to Trade and Industry Secretary Cristina A. Roque, the country remains unfazed by the upcoming imposition of tariffs, citing strong ties with the US and a minimal trade deficit.
The DTI has expressed confidence that free and open trade is essential for economic growth and development, both in the Philippines and globally.
The US is the Philippines' major trading partner and 8th largest export market for its agricultural products, with Philippine outbound shipments to the US amounting to $12.12 billion in 2024. The country's imports from the US reached $8.17 billion in 2024, resulting in a trade surplus of $3.95 billion.
The DTI-Export Marketing Bureau Director and Export Development Council Executive Director Bianca Pearl R. Sykimte stated that the council is taking into consideration US President Donald Trump's protectionist policies as the Philippines finalizes its export targets.
Meanwhile, Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., noted that the Philippines' status as a net-importing country may not bode well for its economy due to potential secondary effects of the tariff wars, including inflation and currency depreciation.
The US plans to impose reciprocal levies on every nation as part of its sweeping tariff push, with rates expected to be lower than anticipated.
According to Trade and Industry Secretary Cristina A. Roque, the country remains unfazed by the upcoming imposition of tariffs, citing strong ties with the US and a minimal trade deficit.
The DTI has expressed confidence that free and open trade is essential for economic growth and development, both in the Philippines and globally.
The US is the Philippines' major trading partner and 8th largest export market for its agricultural products, with Philippine outbound shipments to the US amounting to $12.12 billion in 2024. The country's imports from the US reached $8.17 billion in 2024, resulting in a trade surplus of $3.95 billion.
The DTI-Export Marketing Bureau Director and Export Development Council Executive Director Bianca Pearl R. Sykimte stated that the council is taking into consideration US President Donald Trump's protectionist policies as the Philippines finalizes its export targets.
Meanwhile, Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., noted that the Philippines' status as a net-importing country may not bode well for its economy due to potential secondary effects of the tariff wars, including inflation and currency depreciation.
The US plans to impose reciprocal levies on every nation as part of its sweeping tariff push, with rates expected to be lower than anticipated.
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