Trade Secretary Cristina A. Roque on Friday said that the Philippines is considering to import more agricultural products from the US as it seeks to negotiate a lower tariff rate next week.
Ms. Roque and Special Assistant to the President for Investment and Economic Affairs Frederick D. Go will be in Washington from April 29 to May 2 for tariff talks with their US counterparts.
“The goal of the meeting is to get what is best for the country, which is, of course, to bring down the tariffs and to really just reiterate that we will continue our strong relationship with the US,” Ms. Roque told reporters on the sidelines of the Franchise Asia Philippines 2025 International Conference and Expo on Friday.
To achieve this, she said that the Philippines is looking at increasing the volume of imports from the US, particularly farm products.
“So, what we are importing from them, we will try to import more. Let’s say soybeans and frozen meat, so agricultural products … but we need to balance everything also with our agricultural sector,” she added.
Asked if a free trade agreement (FTA) is still on the table, she said that “we will still have to see if we can really get an FTA … but we will put all of the possibilities on the table.”
Ms. Roque said that the Philippine economic team is set to hold a meeting before the trip to consolidate inputs from different industries to know what the country will be willing to put on the negotiating table.
“We want to get a consensus also, so when we decide, it’s not based on what we think, but based on the consultations with the different industries,” she said.
“Because we want that whatever we negotiate, it will be for the best of the industry of the Philippines.”
Asked at what level they hope the 17% tariff rate will be brought down, Ms. Roque said that will be among the things that will be finalized in the economic team’s meeting prior the trip.
“But definitely they (the stakeholders) want lower tariffs than those of the neighboring countries’ because once our tariff is lower, then that gives us an edge in terms of business with the US,” she said.
Earlier this month, US President Donald J. Trump introduced 10% blanket tariffs on all its trading partners but paused a plan to impose higher reciprocal tariffs on some countries for 90 days.
Philippine exports to the US face a 17% tariff, the second lowest among Association of Southeast Asian Nations member countries after Singapore’s baseline rate of 10%. — Justine Irish D. Tabile
