The Philippines is seeking to increase its exports to the US after President Donald Trump imposed tariffs on Manila that are lower compared with its regional peers.
Manila is setting its sights on more shipments of semiconductors, coconut and mango products to the US, Trade Secretary Cristina Roque said in an interview with Bloomberg Television鈥檚 Haidi Stroud-Watts on Friday.
鈥淐ompared to our ASEAN neighbors, we have an edge in terms of lower tariff rate,鈥 Ms. Roque said. The Philippines is also pushing for a bilateral free trade agreement with its longtime ally to deepen economic ties, she added.
While Trump鈥檚 sweeping tariffs triggered global anxiety, the Southeast Asian nation viewed the move with 鈥済uarded optimism鈥 and sought to capitalize on the levies that are lower relative to its Asian neighbors.
The 17% tariff on Philippine exports of goods to the US is the second lowest in Southeast Asia after Singapore鈥檚 10%, and smaller compared to Vietnam鈥檚 46% levy and Thailand鈥檚 36%.
Manila isn鈥檛 as heavily reliant on external trade as neighbors Vietnam and Thailand, with exports of goods and services accounting for only over a quarter of Philippine economic output, according to the latest World Bank data.
Months before the tariff announcement, Philippine economic managers projected a 6% growth in goods exports this year, but the central bank forecast late last month only a 1% expansion. — Bloomberg
