Concerned about US tariffs, MAP urges creation of economic security council

MANILA, Philippines — The Management Association of the Philippines (MAP) has expressed grave concern over the impact of the 17-percent tariff imposed by the United States and called for the immediate formation of an economic security council to address the growing challenges posed by recent global trade developments.

The business group suggested that the proposed council be placed under the Office of the President, comprising key government agencies along with relevant private sector and industry representatives.

“Many foreign governments have acknowledged the value and effectiveness of having their respective private sector and industry as key partners in addressing these new challenges,” the MAP said in a statement signed by MAP President Alfredo Panlilio and Rene Almendras, chair of MAP’s National Issues Committee.

READ: IMF chief says US tariffs a ‘significant risk’ to global economy

The prominent business group made the statement on Friday, a day after US President Donald Trump announced a slew of “reciprocal tariffs” on nations including the Philippines, which was slapped with a tariff rate of 17 percent starting April 9.

“While our country at this time is seen as not as negatively affected as others, with the global economy being an integrated ecosystem, we cannot discount the possibility that as other countries are affected, it may prosper into a contagion that will eventually affect us,” MAP said.