{"id":255911,"date":"2020-05-24T00:50:22","date_gmt":"2020-05-24T04:50:22","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=255911"},"modified":"2025-01-08T04:11:01","modified_gmt":"2025-01-08T09:11:01","slug":"ph-to-benefit-from-us-china-trade-tension-diokno","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/05\/24\/ph-to-benefit-from-us-china-trade-tension-diokno\/","title":{"rendered":"PH to benefit from US-China trade tension: Diokno"},"content":{"rendered":"
\"\"<\/a>
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said bilateral trade with both countries accounts for over 25 percent of Philippines\u2019 total exports and imports since last year, primarily on electronics and machinery exports.<\/p>\n
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(PNA file photo by Oliver F. Marquez)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0\u2013 The US-China trade war is seen to have a limited impact on the Philippine economy and is even considered to benefit the domestic economy in the long run.<\/p>\n

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said bilateral trade with both countries accounts for over 25 percent of Philippines\u2019 total exports and imports since last year, primarily on electronics and machinery exports.<\/p>\n

He said that \u201ceven in the context of retaliatory tariffs between the US and China, the country\u2019s exports have remained broadly stable.\u201d<\/p>\n

Citing data from the Philippine Statistics Authority (PSA), Diokno said electronics exports account for more than half of the country\u2019s goods exports.<\/p>\n

Diokno said these export products \u201ccontinued to perform well in 2019, notwithstanding its link with global production networks.\u201d<\/p>\n

\u201cThis phenomenon can be attributed to the Philippines\u2019 low exposure to products targeted directly by US tariff actions against China. The exposure is estimated at a low of 0.<\/p>\n

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5 percent,\u201d he said.<\/p>\n

Diokno said this situation explains why the country is among the least affected economy to the ongoing trade tension between the world\u2019s largest economies and \u201csupports IMF\u2019s (International Monetary Fund) view that the country\u2019s low participation in global trade as well as in global value chains relative-to-peers seems to explain why the Philippines has not been negatively impacted by the US-China trade war.\u201d<\/p>\n

He, thus, noted that \u201cin the long run, the escalation of the US-China trade war and the coronavirus pandemic, could have a positive impact on the Philippine economy.\u201d<\/p>\n

He said \u201cboth events have prompted a re-evaluation across countries of the existing global supply with firms possibly moving toward reducing dependence on any single country.\u201d<\/p>\n

\u201cThis current wave of revamping global supply chains opens a window of opportunity for the Philippines to benefit from trade redirection and relocation of production sites,\u201d he said.<\/p>\n

Diokno added that \u201cwhile the Philippines has been recognized as one of the top investment destinations post-COVID-19, the Executive, Congress, and the private sector have to unceasingly do more to further boost the country\u2019s attractiveness to foreign investors.<\/p>\n

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\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0\u2013 The US-China trade war is seen to have a limited impact on the Philippine economy and is even considered …<\/p>\n","protected":false},"author":44,"featured_media":205162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-255911","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/255911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=255911"}],"version-history":[{"count":3,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/255911\/revisions"}],"predecessor-version":[{"id":280635,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/255911\/revisions\/280635"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/205162"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=255911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=255911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=255911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}