The Philippines could capitalize on the ongoing trade friction between the United States and its trading partners by positioning itself as an alternative export source, according to a senior official from the National Economic and Development Authority (NEDA).
During a press briefing in Malacañang on Monday, NEDA Undersecretary Rosemarie G. Edillon stated that the potential shift towards a stronger regional trading system, driven by US import levies, presents an opportunity for the Philippines amidst global economic uncertainties and the looming trade disputes.
Edillon emphasized the need to bolster key sectors, including the semiconductor and chip industries. She noted that no direct impact on domestic employment has been observed, with any potential indirect effects likely stemming from exchange rate fluctuations.
“If we can position our country as a highly attractive alternative source for previous US imports, we can benefit,” Edillon told reporters. “We can gain significantly from our regional free trade agreements, so we’re assuming that in the case of Canada, they might maximize these agreements, and this is where we can truly gain.”
The US has implemented additional tariffs on imports from several countries, including Canada, Mexico, and China, as well as tariffs on steel and aluminum imports. Some of these tariffs are currently suspended.
Edillon affirmed that NEDA will continue to advance the administration’s economic transformation agenda and safeguard the Philippine economy’s strength by promoting growth drivers through innovation, technology, and strategic investments.
President Ferdinand R. Marcos Jr. has directed NEDA to maintain vigilance and contribute to the creation of high-quality jobs for Filipinos.
