The government will protect domestic stakeholders in the tariff deal the Philippines has clinched with the United States, mindful of their sensitivities, a joint statement issued on Thursday by Special Assistant to the President on Investment and Economic Affairs Secretary Frederick Go and Trade Secretary Cristina Roque said.
The statement said the Department of Trade and Industry (DTI) will work closely with relevant stakeholders to finalize the remaining details of the agreement and that the sensitivities of domestic will be duly considered in the negotiations.
“The concessions we will extend are strategic to the Philippines. These are products that we do not locally produce and are critical inputs to reducing the cost of healthcare, for example,” Go said.
Roque added “we will continue to protect major domestic agricultural and manufacturing industries. They are not included in our concessions.”
President Ferdinand Marcos Jr. announced on Wednesday his meeting with US President Donald Trump in Washington DC on July 22 led to a reduction in the US tariff on Philippine exports to 19 percent from 20 percent as originally announced.
