Agri products not part of tariff concession talks

Farming sector protected, Go assures

- By ARGYLL CYRUS GEDUCOS and DEXTER BARRO II

In a rare moment of assertiveness amid growing global trade pressures, the Philippine government stood firm in excluding agricultural products from the concessions granted under its still ongoing negotiations with the United States to lower tariffs on local exports.

This underscores the government’s commitment to protecting the country’s farming sector amid evolving trade dynamics.

Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go gave this assurance after the US set the tariff on Philippine products to 19 percent following the meeting between President Marcos and President Donald Trump in Washington, DC, this week.

The one-percent reduction in tariff still positions the country in a favorable light for foreign direct investments (FDIs), according to the Department of Trade and Industry (DTI).

Trade Secretary Cristina Roque, who was present during the meeting, said the new tariff rate places the country among Southeast Asia's most competitive in terms of trading with the US.

She said the Philippines has the second-lowest tariff rate in the region, which it shares with Indonesia, just behind Singapore's 10-percent rate.

"Because the Philippines benefits from lower US tariffs on its exports, it becomes a more attractive destination for FDIS," she explained.