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Department of Trade and Industry (DTI) Secretary Cristina Roque is looking into providing greater access to key export interests as part of concessions that the United States (US) could ask in exchange for lowering the reciprocal tariffs imposed on Philippine goods.
“Not that we're going to offer them, but if they ask for it, we're willing to offer it,” Roque told reporters in a chance interview on Monday, April 28.
A government delegation, headed by Roque and Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Secretary Frederick Go, is scheduled to depart Manila on Tuesday, April 29.
During their five-day trip, the officials will meet with US Trade Representative (USTR) Ambassador Jamieson Greer and Commerce Secretary Howard Lutnick.
This crucial meeting aims to potentially lower the 17 percent tariffs the US imposes on Philippine imports.
“Of course we expect that in one go we can get already what we want, because we are starting at a low percentage, not like other countries that are high,” said Roque.
The tariffs imposed on the Philippines are the second lowest in the Association of Southeast Asian Nations (ASEAN), only behind Singapore with 10 percent.
Earlier this month, US President Donald Trump imposed reciprocal tariffs on the majority of its trade partners to crack down on trade deficits.
This has since been suspended until July, keeping the 10 percent baseline tariffs on all foreign-based goods.
Roque said the Philippines’ strong relations with the US could play a major role in helping cut down the tariffs.
However, if the US opts to play hard to get, the government is keen on facilitating enhanced market access for its major export interests, such as automobiles and dairy products.
Roque explained last week that the country is prepared to import a higher volume of commodities such as frozen meat and soybeans.
The US accounts for approximately 20 percent of the country’s agricultural imports.
With a potential increase of new imports coming in, she emphasized that the interest of the local industry would be given the top priority.
“When we get into a negotiation…we'll always try to protect what's here,” she noted.
The DTI chief said the country’s delegation will primarily echo the sentiment of the country’s leading export sectors in their upcoming meeting with US officials.
The US accounted for approximately 17 percent of total exports of goods last year. About 53 percent of the exports are
semiconductors and electronic products.
Based on USTR data, American goods to the Philippines stood at $9.3 billion last year, while imports from the Philippines totaled $14.2 billion.
