Tolentino seeks National Trade Commission to address US tariff impact

Senator Francis Tolentino (File Photo: Voltaire F. Domingo/Senate PRIB via Senate of the Philippines/Facebook)

By Wilnard Bacelonia, Philippine News Agency

MANILA – Senate Majority Leader Francis “Tol” Tolentino has proposed the creation of a National Trade Commission to help the Philippines respond to the economic challenges and opportunities arising from the United States’ newly announced tariff regime.

In a news release on Tuesday, Tolentino said the proposed expert panel would be tasked to study the implications of the U.S. policy shift, particularly the 17-percent tariff affecting Philippine exports like electronics and agricultural goods.

He said the body would also draft policy recommendations for the President and Congress.

“The 17 percent tariff imposed on our products would certainly have an immediate impact, particularly on electronics and agriculture,” Tolentino said.

He emphasized, however, that the relatively lower tariffs imposed on the Philippines — in contrast to higher rates on China and other countries — may also open new opportunities for local industries.

“What products can we boost to give us a comparative advantage? This can be studied by a National Trade Commission composed of economic experts,” he said.

Tolentino noted the potential for the Philippines to attract manufacturers looking to relocate from China, stressing the need to prepare export processing zones and promote the country as an investment destination.

Still, he acknowledged key obstacles that must be addressed, including high energy costs and other barriers to doing business, which the commission could include in its recommendations.

“We must brace for the immediate impact and map out long-term strategies to strengthen our economy in light of this evolving global trade landscape,” he said.