Business and Economy
Marcos economic czar Go off to US for tariff negotiations, eyes FTA
By Ruth Abbey Gita-Carlos, Philippine News Agency
Speaking to Palace reporters, Go said the Philippine government had received a “positive response” from the US Trade Representative (USTR) on its request for a dialogue to discuss the new tariff. (File Photo: Department of Finance/Facebook)
Speaking to Palace reporters, Go said the Philippine government had received a “positive response” from the US Trade Representative (USTR) on its request for a dialogue to discuss the new tariff.
“We have reached out to the USTR and we have communicated with them our desire to engage in a meeting or dialogue with them and they have positively responded. So, I will be scheduling a trip to the United States to meet with the USTR soon,” Go said.
Go said President Ferdinand R. Marcos Jr. met with the country’s economic managers on Tuesday to discuss the US’ reciprocal tariffs and its effects on exports of countries, especially Asian countries, slapped with new tariff rates.
He said Marcos and the economic team also weighed up the risks and the next move, considering that there are industries in the Philippines that would be affected by the US’ reciprocal tariff policy.
“The keywords are probably not appeal. This is a negotiation. And of course, in my opinion the best possible outcome is a free trade agreement. Free trade agreement means zero tariffs on their side, zero tariffs on our side. That’s probably the best possible outcome of that meeting. But again, it’s open communication, dialogue, cooperation and let’s see what we can negotiate,” Go said.
Go acknowledged that Washington D.C.’s latest move may have a “0.1 percent effect” on the country’s gross domestic product in the next two years, based on the National Economic and Development Authority estimates.
He, however, said the Philippines still has an “advantage” because of the lower tariff imposed compared to tariff rates set for other countries.
“I think there are two things that we have to do now. Clearly, one is to engage with our exports to discuss with them what are the possible measures that they can take and that the government can assist them in this current situation. That’s the first thing. That’s the most important thing,” Go said.
“Secondly, we have to monitor kung anong ginagawa ng mga ibang neighbors po natin ‘no, ano iyong mga reaction nila dito sa taripa at ano po ang reaksiyon din ng Estados Unidos sa kanilang mga request (what are our other neighbors are doing, what are their reactions to this tariff and what is the United States’ reaction to their requests),” he added.
US goods trade with the Philippines totaled an estimated USD23.5 billion in 2024, latest data from the US government showed.
Imports from the Philippines to the US amounted to USD14.2 billion in 2024, up by 6.9 percent or USD912 million from 2023.
