Philippine exporters are warning that the US decision to impose an additional 12.5 percent tariff on most Philippine exports could weaken the country's competitiveness in its largest export market, putting pressure on manufacturers and micro, small, and medium enterprises (MSMEs) already navigating a volatile global trade environment.
The Philippines has concluded negotiations for a Comprehensive Economic Partnership Agreement (CEPA) with Chile, securing its first free trade agreement with a Latin American country as Manila steps up efforts to diversify export markets and strengthen supply chains.
The Federation of Philippine Industries (FPI) is urging President Ferdinand R. Marcos Jr. to use his upcoming State of the Nation Address (SONA) to accelerate economic reforms, arguing that the country's recent elevation to upper middle-income status should mark the beginning, not the culmination, of its competitiveness drive.
The European Union is calling for greater flexibility from both sides as negotiations for a free trade agreement (FTA) with the Philippines enter what Brussels describes as the "final stretch," raising expectations that a long-awaited pact could soon unlock new trade and investment opportunities.