Finance Secretary Ralph Recto (PNA file photo by Yancy Lim)
The Philippine government is open to reducing tariffs on select American products as part of its strategy to negotiate lower or zero tariffs for its own exports to the United States, Finance Secretary Ralph Recto said during a recent informal media briefing.
“Not for all products, but we’ve identified a specific set,” Recto explained. The move is aimed at offsetting the potential impact of a proposed 20 percent U.S. tariff on Philippine goods.
According to Recto, the economic team has carefully evaluated the potential costs of the concession and determined that the effect on the local economy would be minimal. “We’ve already done the calculations and shared our recommendations with Secretary Deck Go,” he said, referring to Special Assistant to the President for Investment and Economic Affairs. “It’s safe to say that the impact will be manageable.”
He added, “We’ve come up with a solid game plan for the negotiations. Our goal is to get the U.S. to reduce duties on our exports.”
Recent figures from the Philippine Statistics Authority highlight the importance of the U.S. market, with exports to the country reaching USD 1.115 billion in May—accounting for 15.3 percent of total Philippine exports that month.
Beyond the tariff talks, Recto also emphasized the Philippines’ broader push for a free trade agreement (FTA) with the U.S. and other global partners.
“We prefer a full FTA,” he said. “Not just with the U.S., but also with Europe and other nations. We need to expand our markets, attract more investments in manufacturing, and boost our exports.”