Senate President Francis Escudero —Photo from the Senate Public Relations and Information Bureau
MANILA, Philippines — Senate President Francis Escudero urged the country’s economic managers on Thursday to prepare and plan for contingencies and a calibrated response to the 17-percent tariff that United States President Donald Trump has imposed on Philippine exports.
“What are the pains and what are the gains — if any — that we should expect? Will it be an economic earthquake that will shake our economy to its foundations? Or will it just be a slight tremor that will not cause any harm?” Escudero said in a “Kapihan sa Senado” forum, particularly questioning what the country could expect following Trump’s move.
“The baseline of information should be out by sundown today so we will know as a nation how to move forward,” he added.
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According to Escudero, the administration should provide clarity and “a way forward that is a win for the Philippines.”
He warned, however, against a “rushed retaliatory response because any tariff raised is a pass-on tax to our already overtaxed people.”
IEscudero said that, in 2024, the Philippines exported $14.2 billion worth of goods to the United States, while it imported $9.3 billion, or a trade gain for the Philippines of $4.9 billion.
Meanwhile, he said that in February alone, the Philippines shipped almost $1 billion worth of goods to the US, ranking it first ahead of Japan, Hong Kong, China, and the Netherlands.
