MANILA: Negotiations between the Philippines and the US over a revised 19 percent tariff rate remain unresolved, a senior economic adviser confirmed Thursday.
Frederick Go, economic adviser to President Ferdinand Marcos, stated discussions are ongoing to finalise terms, easing concerns over potential harm to local farmers.
“The negotiations are not yet finished. Our technical working groups will continue to work with their counterparts from America to finalise the details of this arrangement,“ Go told reporters.
He emphasised that critical agricultural products like sugar, corn, rice, fish, and pork would retain protections.
The announcement follows Marcos’ recent meeting with US President Donald Trump, where the Philippines secured a marginal reduction from an initially proposed 20 percent tariff.
Marcos defended the outcome, calling it a “significant achievement” despite scepticism over the limited concession.
Go highlighted potential consumer benefits, particularly in pharmaceuticals.
“Medicines are expensive in the Philippines. If they are tariff-free, then that can lower the price of medicine in our country,“ he said.
Economist Jesus Felipe of De La Salle University noted the actual impact on Philippine exports may be minimal, as electronics—comprising two-thirds of shipments to the US—are largely exempt.
However, he criticised the US for an “imperialist attitude” in trade dealings with smaller nations.
“The Philippines cannot retaliate,“ Felipe said, contrasting the country’s position with larger trade partners like China and Mexico. – AFP
