MANILA (Bloomberg): The Philippines is seeking to increase its exports to the US after President Donald Trump imposed tariffs on Manila that are lower compared with its regional peers.
Manila is setting its sights on more shipments of semiconductors, coconut and mango products to the US, Trade Secretary Cristina Roque said in an interview with Bloomberg Television’s Haidi Stroud-Watts on Friday.
"Compared to our Asean neighbors, we have an edge in terms of lower tariff rate,” Roque said. The Philippines is also pushing for a bilateral free trade agreement with its longtime ally to deepen economic ties, she added.
While Trump’s sweeping tariffs triggered global anxiety, the Southeast Asian nation viewed the move with "guarded optimism” and sought to capitalize on the levies that are lower relative to its Asian neighbors.
The 17% tariff on Philippine exports of goods to the US is the second lowest in Southeast Asia after Singapore’s 10%, and smaller compared to Vietnam’s 46% levy and Thailand’s 36%.
Manila isn’t as heavily reliant on external trade as neighbors Vietnam and Thailand, with exports of goods and services accounting for only over a quarter of Philippine economic output, according to the latest World Bank data.
Months before the tariff announcement, Philippine economic managers projected a 6% growth in goods exports this year, but the central bank forecast late last month only a 1% expansion.
--With assistance from Naman Tandon. -- ©2025 Bloomberg L.P.
