ALBAY Representative Joey Salceda expressed a measured response to the recently announced US tariffs, stating that sovereign nations have the right to set their own trade policies.
He noted that the tariffs imposed on Philippine goods were lower than anticipated, potentially creating opportunities for the country despite the geopolitical complexities involved. Salceda highlighted that the Philippines received relatively lower retaliatory tariffs compared to some competitors, suggesting areas for strategic exploration.
Salceda expressed confusion over the seemingly illogical tariff rates imposed on various countries. He pointed out that Vietnam, considered a US-friendly nation, faced potentially crippling tariffs significantly higher than those levied against China, a major US adversary.
He stated that he has ceased attempting to understand the geopolitical rationale behind these decisions, emphasizing the need for the Philippines to focus on strengthening its own economic resilience.
The congressman emphasized that the Philippines’ greatest challenges to export competitiveness are not tariffs, but rather high power costs and the overall cost of doing business.
He highlighted the importance of continued progress in these areas, citing the CREATE MORE Act’s incentives, particularly the increased power cost deduction, as a positive step towards addressing these issues.
Salceda urged the Department of Trade and Industry (DTI) to develop a comprehensive strategy to mitigate potential economic disruptions, especially within labor-intensive sectors such as textiles and footwear.
He stressed the need for preparedness, including assistance programs like financial aid, job retraining initiatives, and unemployment benefits, to support workers potentially affected by job losses in these sectors.
His comments underscore the need for proactive measures to protect the Philippine economy from external economic shocks.
