The Philippines is exploring market diversification to cushion the impact on local export-oriented industries of the US-triggered tariff war, which has disrupted global trade.
In a high-level meeting with the United States in Washington, the Philippine team relayed its game plan, which focuses on the interests of Filipino industries as an engine of economic growth.
The Filipino team, led by investment and trade officials, did not disclose the details of the market strategy.
It said, “The discussions mark the beginning of a process toward arrangements from both sides that will not only strengthen US-Philippines trade ties but also help diversify our country’s export markets.”
In a statement on Sunday, the Office of the Special Assistant to the President for Investment and Economic Affairs (Osapiea) said the talks “went very well.”
Osapeia Secretary Frederick Go, who led the Philippine delegation, was with Trade Secretary Cristina Roque and Philippine ambassador to the US Jose Manuel Romualdez during the meeting with US Trade Representative Jamieson Greer and other American officials in Washington, D.C. on May 2 (May 3 in Manila).
The presidential assistant emphasized that the Filipino team ”made sure to put the welfare of Philippine local industries at the center of our negotiations.”
For her part, Roque said the Philippines was “able to convey to the USTR our local industries’ clamor and concerns, and we are hopeful this will yield our desired results.”
The Osapiea said the team presented the opportunities and challenges of reciprocal tariffs for various Philippine export products, but did not elaborate.
In a separate statement on May 2, the Philippine embassy in Washington, D.C., said discussions yielded a positive outcome, with both sides expressing optimism about the future of their trade and investment relations, especially in the context of economic security and fair, balanced, and reciprocal trade.
“Both sides underscored the importance of an economically and strategically strong partnership between the Philippines and the US. Both countries agreed to undertake concrete steps to recognize the complementary nature of our economies and the strategic value of our alliance,” the embassy said.
The comprehensive dialogue occurred after the US government imposed a 17 percent reciprocal tariff on Philippine exports. This rate is currently the second lowest in Southeast Asia. Singapore has the lowest US-imposed tariff at 10 percent.
In an interview on April 28, before she left for the US, the DTI chief said the Philippines would seek a lower tariff and assured local industries of protection against imports that would compete with their products in the domestic market.
Roque said her department stands firm on its April 3 statement, which stated that the “Philippines aims to actively engage the US in a discussion to facilitate enhanced market access for its key export interests such as automobiles, dairy products, frozen meat, and soybeans.
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