New trade accords to counter Trump tariffs

The Philippines is banking on new trade agreements to boost market access and reverse the decline in exports and foreign investments due to uncertainties driven by the tariff policy of the United States (US), according to Trade Secretary Cristina Roque.

- BY DEXTER BARRO II

Based on data from the Philippine Statistics Authority (PSA), the country's merchandise exports fell to $5.57 billion in June, down 17 percent from $6.73 billion in the same month last year.

Electronic products, which include semiconductors that are under threat to face a massive 100 percent tariff by the US, dipped to $2.99 billion in the same month from $3.96 billion last year.

The US remained the top destination of the country's exports in June, amounting to $897.80 million or 16 percent of the total value.

Meanwhile, foreign direct investments registered with investment promotion agencies (IPAs) stood at P67.38 billion in the second quarter, down 64 percent from P189.50 billion in the same period last year.

The decline in both exports and investments coincides with ongoing uncertainties in global trade due to the reciprocal tariffs imposed by the US. Earlier this month, the Philippines was officially slapped with a 19 percent tariff.

"Of course these things happen, but we'll always find ways to really get it up again. So all of us have a whole government approach in making sure that we get this done," Roque said in a chance interview.