The Philippines reacted Thursday with “kept optimism” at the radical prices of American president Donald Trump, saying that higher rates imposed on his neighbors could present an opportunity.
The long-standing ally of the United States has been struck by a reciprocal levy of 17%, although the Ministry of Trade and the Manila Industry (DTI) noted that the country was classified among “the least success”.
“As we have planned, the Philippines are among the least affected among key exporters in the United States,” he said, noting significantly higher prices placed on Vietnam (46%), Thailand (36%) and Taiwan (32%).
“The new prices also put the Philippines in a more advantageous position … in particular for certain export products,” said trade secretary Cristina Roque, citing coconut as a possibility.
“The task to be accomplished at the moment for DTI and other government agencies is how to act quickly and take advantage of this new development,” she said.
Although the percentage of Philippin GDP derived from exports is significantly lower than its neighbors, Roque said that the United States has remained a “crucial export market”.
Data from the United States Embassy shows that Washington’s deficit deficit with Manila amounted to $ 4.9 billion in 2024, up 21.8% in terms of the year.
But while Manila saw the positive side, he also marked the desire to engage in talks.
The Philippines were ready to discuss “improved market access” for the export interests of the United States “, such as cars, dairy products, frozen meat and soy,” said Roque.
She has already contacted her American counterpart to organize talks, said her press release.
While a little more than half of the part of Philippine exports of around 17% of Philippine exports is represented by electronic components, the details on the targets were thin.
“For the moment, we still do not have the details on the industries that will be affected,” the journalists told the president of the presidential palace, Claire Castro.
But Victor Abola, principal economist at the University of Asia in Manila and the Pacific, told AFP that he expected to export semiconductors and sales of “cables” and probably a little cables. “
Many electronic components, however, were already going to Japan and China, the other two main markets in the Philippines, he said.
And even if electronic parts were targeted, the Philippines could still present themselves given the higher tasks imposed on regional competitors, said Abola.
This disparity could even see factories attracted to the country, he added, while warning that could take time.
George Barcelon, president of the Philippine Chamber of Commerce and Industry, also said that he preferred to look at the prices “on the positive side” due to the fact that other countries were faced with higher samples.
Although the admission of American consistency on the issue can be worrying, Barcelon suggested that the home decline could possibly see Trump revisiting the issue.
“Sometimes you know, imposing these types of prices can have a drawback for the American consumer, so (Trump) could react later and change it,” he said.
This story was initially presented on Fortune.com
