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Keisha Ta-Asan - The Philippine Star
May 10, 2025 | 12:00am
Container yards at the Bureau of Customs are seen from Manila Bay on April 13, 2025.
STAR / Ryan Baldemor
MANILA, Philippines — A trade agreement between the Philippines and the United States could be reached by the end of June as talks continue amid Washington’s push for reciprocal tariffs on Asian exports, according to ANZ Research.
In its latest Asia Insight report, ANZ Research assessed the likely outcomes of ongoing negotiations following US President Donald Trump’s April 2 tariff announcement.
The policy imposed reciprocal tariffs on key Asian economies, prompting a 90-day pause to allow space for negotiations. The window closes on July 9.
For the Philippines, ANZ estimates that the current 17 percent tariff could be lowered to between 10 and 15 percent if a deal is reached.
The bank forecasts that such an agreement could materialize by the end of June based on the current pace and direction of talks.
“The Philippine government has formed a technical working group to conduct discussions with the US on its reciprocal tariff,” the research firm said.
Trade Secretary Christina Roque and Special Assistant to the President for Investment and Economic Affairs Secretary Fredrick Go met with US Trade Representative Jamieson Greer in Washington on May 2.
Talks focused on the Philippines’ top exports to the US, including semiconductors, electronics, coconuts, garments and automotive components. Coconut remains the country’s leading agricultural export to the US.
While the details of the negotiations remain confidential, ANZ said the Philippine government has expressed willingness to increase imports of US goods, particularly soybeans and frozen meat, as part of the deal.
ANZ Research’s report also includes projections for other Asian economies, with countries like Malaysia, Taiwan and Singapore also likely to finalize agreements by the end of June, while talks with larger economies like China and India may extend into the second half of the year.
The Department of Trade and Industry earlier said that the country is set to hold follow-up meetings with the US to lower the reciprocal tariffs on the country’s exports.
On April 9, the US announced a 90-day pause on the reciprocal tariffs and brought down the levy to 10 percent for most countries including the Philippines to give time for negotiations with trade partners.
