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Fitch unit: Phl has room to negotiate lower tariffs
The Freeman
|April 24, 2025
The Philippines has room to negotiate with the US to lower its reciprocal tariffs, Fitch Solutions' unit BMI said, but added that trade tensions are still likely to weigh on economic growth.
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"For now, though, Washington has lowered the tariff rate to 10% for 90 days. We think that the Philippines will be successful in keeping them at this level at the very least," BMI Asia Country Risk Analyst Shi Cheng Low said in a webinar on Tuesday.
US President Donald J. Trump slapped a 17% tariff on the Philippines earlier this month, but suspended this for 90 days, keeping the blanket 10% duty in effect.
The Philippines' 17% tariff rate is much lower than its Southeast Asian peers, some of which are facing some of the highest reciprocal tariffs. Six Southeast Asian countries were slapped with much larger-than-expected tariffs of between 32% and 49%.
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