Philippines ready to reduce tariffs on some US goods: Top official

22 Jul '25

1 min read

Philippines ready to reduce tariffs on some US goods: Top official

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Insights

Philippine finance secretary Ralph Recto recently said his country is prepared to reduce tariffs on some products from the United States to secure zero or lower reciprocal tariff from the latter.
However, lowering tariffs on some US goods may not have a huge impact on the country, he said.
The country is also pushing for a possible free trade agreement with the United States, he said.

Philippine finance secretary Ralph Recto recently said his country is prepared to reduce tariffs on some products from the United States to secure zero or lower reciprocal tariff from the latter.

"Not for all products, but we have identified a set of products," Recto was quoted as saying by a domestic news agency.

However, lowering tariffs on some US goods may not have a huge impact on the country, he said.

The country is also pushing for a possible free trade agreement with the United States, he informed journalists.

"We prefer that. We want to have an FTA. Not only with the US but with Europe and many other countries. More trade should be done. We have to expand our markets. Get more investments in manufacturing so that we can export more," he added.

Official data showed that the United States is the biggest importer of Philippine goods; 15.3 per cent of the country’s total exports in May this year were to the US.

Fibre2Fashion News Desk (DS)

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