The Philippines must brace for the immediate impact and map out long-term plans for the economy, following the announcement of new tariffs by the United States. Thus said Senate Majority Leader Francis ‘Tol’ Tolentino, as he also pushed for the formation of a National Trade Commission that will submit economic policy recommendations to the President and Congress.
TOL proposes expert panel to study impact, opportunities for PH under new US tariff regime
THE government must brace for the immediate impact and map out long-term strategies for the economy in response to the new tariffs announced recently by the United States.
To do this, Senate Majority Leader Francis ‘Tol’ Tolentino is proposing the formation of a National Trade Commission that would submit policy recommendations to the President and Congress.
The panel, according to Tolentino, can be composed of experts on trade, finance, and investments.
“The 17 percent tariff imposed on our products would certainly have an immediate impact, particularly on electronics and agriculture,” the senator said.
But he added that the relatively lower tariffs on the Philippines, compared to much higher rates for China and other countries, should prompt the government to look for opportunities under the new tariff regime.
“What products can we boost to give us a comparative advantage? This can be studied by a National Trade Commission composed of economic experts,” he suggested.
“We must prepare for a scenario where manufacturers would relocate from China. Perhaps we can prepare our export processing zones and present the Philippines to prospective investors as a viable destination,” Tolentino pointed out.
But Tolentino admits that this is easier said than done, because of the usual problems that affect businesses in the country, such as the high cost of electricity. This could be covered by the recommendations of the expert panel, he said.
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