More FTAs, exports diversification pushed after Trump win

The Philippines must continue efforts to enter into more free trade agreements (FTAs) and diversify exports to strengthen the economy's resilience amid returning US President Donald Trump's promise to slap tariffs on imported goods, according to the National Economic and Development Authority (NEDA).

- By LOUELLA DESIDERIO

While it is too early to talk about the impact of Trump's victory on the Philippines, NEDA Secretary Arsenio Balisacan said the planned imposition of tariffs, if implemented, would be a concern.

"If at all there is going to be any negative effects on the administration and it will push through with what the incoming president was saying about the imposition of tariffs...of 20 percent for non-China and 60 percent for China, that could have an impact on the global economy, and that's what will worry us," he said.

Trump has proposed to slap up to 20 percent tariff on all US imports and a 60 percent levy on products from China to raise government revenue and protect American industries from foreign competitors.