DOF: Domestic economy to shield Philippines from US – China trade rift
MANILA, Philippines – Finance Secretary Carlos Dominguez III likened the Philippines to a “good ship” as it navigates the rough seas amid the trade dispute between the United States and China.
Dominguez on Monday expressed optimism that the country’s domestic-driven economy will cushion the impact of the ongoing trade war between China and US, which are both key trade partners of the Philippines.
“We are facing high waves, but we have a good ship. We have a good captain. We have good navigators and we have a very good and supportive legislature. I am sure we will come through this ahead of the rest,” Dominguez said during the Pre-Sona Economic and Infrastructure Forum in Pasay City.
“We should be confident that our economy, we are not a big trading economy. Our growth is going to be dictated by how we spend domestically,” he said.
READ: Impact of US-China trade war on PH seen minimal
During the recent Association of Southeast Asian Nations (Asean) Summit in Bangkok, Thailand, President Duterte said the US and China must “take the high road” and end their trade war that he said was affecting global growth and possibly delaying economic integration.
Duterte also pushed for smoother trade between Asean members to address the possible fallout from the bickering of the two superpowers. /gsg
READ: ‘Take the high road’: Duterte urges US, China to end trade war
