economy – Page 7 – Author Carlo Carrasco

Philippines Unemployment Rate Hits 5.3% in July 2025

September 17, 2025September 10, 2025carlocarrasco

As controversy about flood control projects continues to dominate the news cycles, more Filipinos reported themselves as unemployed this past July as the unemployment rate jumped to 5.3%, according to a GMA Network business news report.

To put things in perspective, posted below is an excerpt from the business news report of GMA. Some parts in boldface…

The number of Filipinos without jobs or livelihoods increased in July 2025 due to weather disturbances which affected various sectors of the labor market during the period, according to the results of the Philippine Statistics Authority’s latest Labor Force Survey.

At a press briefing on Wednesday, PSA chief and National Statistician Claire Dennis Mapa reported that unemployed persons, ages 15 and above, rose to 2.59 million from 1.95 million in June 2025. This was also higher than the 2.38 million jobless in July 2024.

As a percentage of 48.64 million participants in the labor force who are actively looking for labor opportunities during the period, the number of jobless persons translated to an unemployment rate of 5.3%, up from 3.7% month-on-month.

This means 53 in 1,000 individuals do not have jobs or livelihoods during the period. This was also the highest unemployment since August 2022’s 5.3%.

Labor force participation in July 2025 declined from 52.42 million in June 2025 and 50.06 million in July 2024.

Likewise, employed persons, or those with jobs and livelihoods, during the period contracted to 46.05 million from 50.47 million in June 2025 and 47.68 million in July 2024.

As a percentage of labor force participants, the employment rate stood at 94.7%, lower than the 96.3% seen in June 2025 and 95.3% in July 2024.

Mapa attributed the increase in unemployed persons and decreases in both employed and labor force participation to the series of storms which hit the country during the month.

“Una talaga ang nangyari dito sa July round is first tinamaan ang ating bansa, maraming areas ng typhoons. Ito talaga ‘yung nakita namin na main reason kung bakit bumababa ang labor force participation at employment na rin,” the PSA chief said.

(First, what we saw during the July round is that many areas of the country were hit by typhoons. This was really the main reason why the labor force participation and employment numbers declined.)

Let me end this post by asking you readers: What is your reaction to the recent developments? Do you think the unemployment rate of the Philippines will remain above 5% until the end of the year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Philippines Offshoring Industry Expected To Reach $61 Billion By 2030

September 16, 2025September 9, 2025carlocarrasco

While the economy of the Philippines is having trouble reaching 6% growth this year, there is still some economic hope in the long run as the global talent solutions partner Robert Walters revealed through its research that the nation’s offshoring industry is expected to reach $61 billion by the year 2030, according to a GMA Network news report.

To put things in perspective, posted below is an excerpt from the news report of GMA. Some parts in boldface…

The Philippine offshoring industry is expected to contribute as much as $61 billion or P3.45 trillion for the economy by 2030 amid a significant shift in the global landscape, research released by global talent solutions partner Robert Walters showed.

According to Robert Walters, the offshoring sector is projected to increase its contribution by 69% from its current contribution of $36 billion, equivalent to 10.14% of the country’s gross domestic product by the end of the decade.

“To put the $61 billion figure into perspective, that’s more than three times the Philippines’ annual education budget,” Robert Walters head of market intelligence Phill Brown said in an emailed statement.

“Offshoring is becoming a long-term economic driver for the Philippines and underscores the growing confidence in the country’s skilled workforce and its ability to support critical, global-facing business operations,” he added.

The research took into consideration estimates from a combination of secondary sources and industry databases, and projections calculated using workforce size and average revenue per employee.

Robert Walters cited the country’s high English proficiency, the specialization in tech and transformation services, and pool of digital infrastructure and engineering talent, which it said has enabled the country to take on complex functions in technical and knowledge-based domains.

Among the most in-demand skills are backend programming, cloud engineering, and information technology (IT) security, highlighting rising global demand for technical capability in cybersecurity and cloud transformation.

Let me end this post by asking you readers: What is your reaction to the recent developments? Do you think the offshoring industry of the Philippines will pave the way for more investments to come in and more new jobs to be created in the years to come? Do you know anyone who works in the local offshoring sector? Do you know the difference between offshoring and outsourcing?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines Inflation Rate Reaches 1.5% In August 2025

September 13, 2025September 7, 2025carlocarrasco

The inflation rate of the Philippines grew to 1.5% this past August and the recent price hikes of food and non-alcoholic drinks were factors, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the news report of Manila Bulletin. Some parts in boldface…

The rate of increase in consumer prices has accelerated last month due to jump in food prices, with recent weather events heavily impacting the cost of vegetables, the Philippine Statistics Authority (PSA) reported on Friday, Sept. 5.

Headline inflation accelerated to 1.5 percent in August 2025, faster than the 0.9 percent recorded in July, although still below the 3.3 percent recorded in the same month last year, data from the PSA showed. From January to August, average inflation stood at 1.7 percent.

According to the PSA, the uptick was mainly driven by food and non-alcoholic beverages, which posted an inflation rate of 0.9 percent and contributed 69.3 percent to the overall figure.

Within this group, vegetables, tubers, and bananas rose by 10 percent, while fish and other seafood climbed 9.5 percent.

PSA Chief Dennis Mapa stated that recent typhoons had significantly impacted vegetable prices.

In the National Capital Region (NCR), vegetable inflation reached 26.5 percent, compared with 6.9 percent in areas outside NCR.

“The impact of the typhoons in the past few months has been attributed particularly to vegetables,” Mapa said in Filipino, adding that vegetable prices surged in both NCR and other regions in August.

Despite the rise in headline inflation, the bottom 30 percent of income households continued to experience deflation.

Mapa explained that rice, which accounts for about 18 percent of the spending basket for poor households, has posted a sharp price drop.

Rice deflation was recorded at –17 percent for all households and an even deeper –19.3 percent for the bottom 30 percent, offsetting higher costs of vegetables and fish.

Mapa noted that rice inflation is likely to remain negative in the coming months, although the decline may not be as steep as current levels.

Prices are expected to continue trending downward, but the deflationary effect is narrowing, he said.

Let me end this post by asking you readers: What is your reaction to the recent developments? Did you spend a lot more on food and beverages this past August?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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CyberKnife Breakthrough in Alabang

September 9, 2025September 2, 2025carlocarrasco

When you hear the words “cyber knife”, does it sound like something that came out of the realms of science fiction and fantasy? In the real world, a new procedure called CyberKnife made waves in the local news and social media recently as it was introduced by Asian Hospital and Medical Center in Filinvest City, Alabang, Muntinlupa City. More notably, the first-ever CyberKnife treatment took place helping an 8-year-old child with meningioma, according to a news report by the Daily Tribune.

For the newcomers reading this, Asian Hospital and Medical Center (also referred to simply as Asian Hospital) is located in close proximity to Festival Mall and Ospital ng Muntinlupa. For Asian Hospital’s location, click https://maps.app.goo.gl/9k4HbG1Lr8T9jEsw6

To put things in perspective, posted below is the excerpt from the news report of Daily Tribune. Some parts in boldface…

Asian Hospital has completed the country’s first CyberKnife® procedure, marking a milestone in advanced cancer treatment.

The inaugural patient, an 8-year-old child with meningioma — a tumor that forms in the protective membranes of the brain and spinal cord — successfully underwent treatment at the hospital’s Asian Cancer Institute.

CyberKnife® is the only system of its kind currently available in the Philippines. The technology delivers precise, image-guided radiation therapy in real time, allowing doctors to target tumors accurately while sparing surrounding healthy tissue. Unlike traditional methods, the treatment is non-invasive, painless, and efficient.

To understand CyberKnife better, posted below is an excerpt from the official announcement by Asian Hospital. Some parts in boldface…

Asian Hospital and Medical Center proudly brings you the CyberKnife, a groundbreaking radiotherapy machine dedicated to stereotactic radiation treatment. Setting new standards in cancer care, this revolutionary technology marks a significant milestone in the Philippines.

What is CyberKnife? – The CyberKnife is non-invasive treatment designed for both cancerous and non-cancerous tumors, as well as other medical conditions requiring radiation therapy. Unlike conventional radiotherapy systems, CyberKnife delivers precise and accurate treatments, reducing damage to healthy tissues and minimizing side effects.

What Types of Cancer Can CyberKnife Treat? – CyberKnife is highly versatile and effective in targeting a wide range of cancers, including but not limited to:

Brain Lesions: Both malignant and benign, including meningiomas, arteriovenous malformations (AVMS) brain metastasis, spread from other cancers to the brain.

Lung Cancer: Treats early-stage lung cancer and metastatic lesions with exceptional accuracy.

Prostate Cancer: Offers precise treatment while minimizing side effects in 5 sessions.

Liver Cancer: Effective for both primary and metastatic liver tumors.

Pediatric Cancer: high-dose radiation to pediatric tumors while minimizing damage to surrounding healthy tissues, making it effective for brain, spine, and certain soft tissue cancers with fewer side effects.

Spinal Tumors: Non-invasive treatment for tumors in sensitive spinal areas and (bone metastasis) spread from other cancer to the bone

Head and Neck Cancer: Re-irradiation

Pancreatic Cancer: Targets tumors in challenging locations with precision.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think CyberKnife will make a significant impact on treating patients without any damage in the near future? Do you know anyone living with cancer who is aware of CyberKnife at Asian Hospital in Alabang? Do you know how much does the CyberKnife procedure cost?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Moody’s Predicts 5.7% Growth for Philippine Economy in 2025

September 7, 2025September 1, 2025carlocarrasco

Based on its latest economy research, Moody’s Ratings announced that the economy of the Philippines will achieve 5.7% growth for the year 2025, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the news report of the BusinessWorld. Some parts in boldface…

THE PHILIPPINE ECONOMY is on track to grow by 5.7% this year on the back of strong household spending, steady remittances and sustained public investments, Moody’s Ratings said.

“We expect the Philippines to maintain strong economic growth relative to regional and rating peers,” Moody’s said after the completion of a periodic review of Philippines’ credit rating.

“Growth will be supported by resilient household consumption, stable remittance inflows from overseas workers, and public investment spending, and ongoing structural reforms,” it said in a report.

Moody’s forecast is within the government’s revised 5.5-6.5% gross domestic product (GDP) growth target for this year.

In the second quarter, GDP expanded by an annual 5.5%, up from 5.4% in the first quarter but slower than the 6.5% in the same period last year. For the first half, GDP growth averaged 5.4%, slower than the 6.2% a year ago.

Moody’s flagged downside risks to the outlook arising from the US tariff policies.

“Although the Philippines’ exposure to trade and global value chains is relatively low, uncertainty around US trade policy and tariffs presents some downside risks to domestic consumption and investment,” it said.

Since Aug. 7, the United States has been imposing a 19% tariff on Philippine goods entering the US. The US is one of the top destinations for Philippine-made goods.

Growth will also be supported by its fiscal consolidation efforts, but Moody’s flagged the government’s high debt stock and interest burden.

“Fiscal consolidation efforts are on track to meet the government’s revised Medium-Term Fiscal Framework of reducing the deficit to 4.3% of GDP by 2028, supported by the implementation of reform measures at enhancing revenue collection and spending efficiency,” Moody’s said.

While this will help temper Philippines’ debt burden, Moody’s said debt will remain “above pre-pandemic levels.”

As of June, the Philippines’ sovereign debt hit a fresh high of P17.27 trillion, up 11.5% from P15.48 trillion in the same month in 2024.

This brought the debt-to-GDP ratio to 63.1% at the end of June, the highest ratio since 2005. This is above the 60% debt-to-GDP threshold considered by multilateral lenders to be manageable for developing economies.

“Debt affordability, measured by the ratio of interest payments to revenue, is expected to weaken over the next two years, before gradually normalizing as global refinancing rates decline and economic growth returns to its long-term trend,” the debt watcher said.

“Despite rate cuts by the central bank since the second half of 2024, elevated government funding costs and a lag in the monetary policy transmission will keep interest burden higher,” it added.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think Moody’s Ratings of a 5.7% economic growth for 2025 will turn out true? What do you think it will take for the Philippine economy to reach 6% growth this year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Tren de Aragua Gang Eliminated By America At Sea

September 5, 2025September 4, 2025carlocarrasco

United States President Donald Trump really means business when it comes to protecting his nation and citizens as America eliminated a vessel from Venezuela operated by the Tren de Aragua gang carrying illegal drugs, according to a Newsmax news report. Already the Prime Minister of Trinidad and Tobago praised the strike.

For the newcomers reading this, Tren de Aragua is a transnational criminal organization from Venezuela and its members has spread throughout Latin America and even in the United States. Tren de Aragua is officially a terrorist organization.

To put things in perspective, posted below is an excerpt from the news report of Newsmax. Some parts in boldface.

President Donald Trump said Tuesday that the U.S. has carried out a strike in the southern Caribbean against a drug-carrying vessel that departed from Venezuela and was operated by the Tren de Aragua gang.

The president said 11 were killed in the operation.

“The strike occurred while the terrorists were at sea in International waters transporting illegal narcotics, heading to the United States,” Trump said in a social media posting. “No U.S. Forces were harmed in this strike. Please let this serve as notice to anybody even thinking about bringing drugs into the United States of America.”

Secretary of State Marco Rubio said earlier on X that the vessel was being operated by a “designated narco-terrorist organization.” He described the operation as a lethal strike.

Rubio addressed the strike on Tuesday shortly before he was scheduled to depart for Mexico and Ecuador for talks on drug cartels, security, tariffs and more.

The U.S. recently announced plans to boost its maritime force in the waters off Venezuela to combat threats from Latin American drug cartels.

The U.S. has not signaled any planned land incursion by the thousands of personnel being deployed. Still, President Nicolás Maduro’s government has responded by deploying troops along Venezuela’s coast and border with neighboring Colombia, as well as by urging Venezuelans to enlist in a civilian militia.

For clarity, posted below is the entire social media post by President Trump regarding the strike. Pay close attention to the details:

Earlier this morning, on my Orders, U.S. Military Forces conducted a kinetic strike against positively identified Tren de Aragua Narcoterrorists in the SOUTHCOM area of responsibility. TDA is a designated Foreign Terrorist Organization, operating under the control of Nicolas Maduro, responsible for mass murder, drug trafficking, sex trafficking, and acts of violence and terror across the United States and Western Hemisphere. The strike occurred while the terrorists were at sea in International waters transporting illegal narcotics, heading to the United States. The strike resulted in 11 terrorists killed in action. No U.S. Forces were harmed in this strike. Please let this serve as notice to anybody even thinking about bringing drugs into the United States of America. BEWARE! Thank you for your attention to this matter!!!!!!!!!!!

Let me end this piece by asking you readers: What is your reaction to this development? Do you like what the Trump administration is doing with regards to combatting terrorists and the wave of illegal drugs coming from Latin America? What will it take to apprehend all the remaining Tren de Aragua members in the United States? Do you think bringing down the Maduro regime in Venezuela can be achieved during Trump’s 2^nd term?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Trump’s America Is a Shining Example of Solving The Illegal Immigration Crisis

September 4, 2025August 29, 2025carlocarrasco

There is no doubt that United States President Donald Trump and his administration have successfully secured their borders as Homeland Security Secretary Kristi Noem confirmed during a recent cabinet meeting that absolutely zero illegals entered their country over the past three months, according to a Newsmax news report.

Trump’s America not only succeeded in securing the borders, the United States Immigration and Customs Enforcement (ICE) continues to apprehend and deport illegal immigrants with criminal records, other illegal immigrants volunteered to be deported back to where they came from, the safety of the citizens has improved and more citizens have gotten employed this year. Homeland security is working in tandem with the other departments of the government such as Defense, Justice and Immigration. These developments are indeed change that Americans and Trump supports can believe in.

To put things in perspective, posted below is an excerpt from the news report of Newsmax. Some parts in boldface.

The U.S. has gone three straight months without an illegal immigrant entering the country and 1.6 million inside the country have self-deported, Homeland Security Secretary Kristi Noem said Tuesday.

Noem, speaking during a Cabinet meeting that aired live on Newsmax and the Newsmax2 free online streaming platform, thanked President Donald Trump for his support and said that her department is following through on his campaign promise to make America safe again.

“Today, the average family and individual that lives in this country is safer than they’ve been in years because of what you’ve done,” Noem said. “We’ve gone three months in a row now with zero illegal aliens coming into this country.“

Noem also thanked Defense Secretary Pete Hegseth for helping her agency with border enforcement.

“They’re down at the border with us, still helping us keep that border secure and make sure we know who’s coming into this country,” she said. “You’ve arrested and brought to justice hundreds of thousands of illegal aliens, criminals that have perpetuated violence against American people. Sir, you’ve had 1.6 million people voluntarily go home to their home countries that were here in this country illegally. Because of your strong message and you enforcing the law, they decided to go home on their own so that they could come back the right way someday and be American citizens.

“But what I think is one of the most remarkable statistics is that under Joe Biden’s administration, 88% of new jobs went to foreign born individuals. Under your administration, 2.5 [million] Americans have jobs today that they didn’t under the previous administration. And they have those jobs because you created opportunities.

“You made this country safe. You opened up the economy. You enforced the law. Now people can get up and provide for their families and go to work every day and be confident in that.“

Noem also talked about the savings made on the president’s immigration crackdown, noting it cost American taxpayers between $8,000 and $9,000 to support each illegal immigrant “in what they were taking out of our social programs, out of Social Security.”

“You saved this country billions of dollars, about $15 billion just in what those illegal aliens were costing us in social programs,” Noem said. “I’ve cut over 450 different contracts at the Department of Homeland Security. We’re getting rid of corrupt ones, ones that were not efficient for taxpayers, weren’t focused on our mission of keeping us safe. And we’ve also renegotiated and brought in our biggest vendors and said, you have to do better.

“And we’ve saved the taxpayers over $13 billion doing that, as well. So, we’re continuing to be accountable with taxpayer dollars [and] focused on doing the mission of what you’ve committed, and that’s to keep us safe and to make sure we put Americans first.”

Trump appeared pleased to hear Noem’s report, thanking Noem, Hegseth and Tom Homan, his point man for mass deportations and border security.

Wow! What was revealed during the cabinet meeting was indeed a bunch of breakthroughs. The Trump administration is truly progressing with its immigration policies, economic efforts and putting Americans first. 2025 still has a few months left and already the United States is blossoming and has established itself as the shining example of solving the illegal immigration crisis and preventing foreigners from trespassing into the country.

Let me end this piece by asking you readers: What is your reaction to this development? Do you like what the Trump administration is doing with regards to border security, illegal immigration, job creation and the wellbeing of American citizens? Are you still surrounded by people who love illegal immigrants while they keep on attacking the Trump administration for serving the American people? How many people in your local community still follow the Democrats and the Islamo-Leftists?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Vietnam-based Thien Long to invest almost $3 million in the Philippines

September 2, 2025August 26, 2025carlocarrasco

Recently the Vietnam-based office supplies company Thien Long announced that it will be investing almost $3 million in the Philippines as it is expanding in the Southeast Asian region, according to a news report by VnExpress.

To put things in perspective, posted below is an excerpt from the news report of VnExpress. Some parts in boldface…

Vietnamese office supplies company Thien Long plans to invest US$2.8 million in the Philippines as part of efforts to expand in Southeast Asia.

It will establish the Flex Office Philippines brand to distribute stationary products imported from Vietnam, according to a recent announcement.

In an interview with VnExpress in April, the company’s chairman, Co Gia Tho, had outlined plans to gain a bigger share of the Southeast Asian stationary market.

In recent years the pen and stationery market in the region has been shrinking, with businesses shifting to more profitable industries, offering Thien Long the chance to expand overseas, he said.

Exports currently account for 20% of the company’s sales, and have been growing in double digits over the last decade, reaching VND1 trillion ($38 million) for the first time in 2024.

The management aims to increase this share in the coming years through a “glocalization” strategy, leveraging domestic strengths and adapting them for international markets.

In May, through a subsidiary, it acquired Phuong Nam Cultural Corporation, which operates a chain of nearly 50 bookstores.

The management said the purchase is a strategic step to develop new product categories, particularly toys and lifestyle consumer goods, on which the company has been focusing in recent years.

Let me end this post by asking you readers: What is your reaction to this recent development? Have you ever heard of Thien Long before? Do you think the Vietnam-based office supplies company will succeed with its $2.8 million investment in the Philippines?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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UA&P Sees Stronger Q3 Economic Growth for the Philippines Despite Trump Tariffs

September 1, 2025August 25, 2025carlocarrasco

As far as the University of Asia and the Pacific (UA&P) is concerned, the economy of the Philippines will still grow stronger in the 3^rd quarter by 5.8% despite the 19% Trump tariffs, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the news report of BusinessWorld. Some parts in boldface…

PHILIPPINE economic growth may pick up in the third quarter despite higher US tariffs and “milder” typhoons, the University of Asia and the Pacific (UA&P) said.

“Despite the Trump tariffs, milder typhoon season will help accelerate GDP expansion in Q3 to 5.8%, given a low base in 2024,” it said in its latest The Market Call released on Friday.

If realized, this would be faster than 5.2% in the third quarter of 2024 and 5.5% print in the second quarter. This forecast is also within the government’s revised 5.5% to 6.5% target this year.

“Consumer spending remains strong, aided by low inflation but limited by new US taxes on OFW (overseas Filipino Worker) remittances,” UA&P said.

Inflation cooled to a near six-year low of 0.9% in July as utilities and food costs continued to ease. This brought the seven-month average to 1.7%, slightly below the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target band.

UA&P said government infrastructure spending may also regain momentum in the third quarter. This was after state spending slumped due to the 45-day election ban on public works spending from March 28 to May 12.

UA&P said residential construction will remain subdued due to elevated policy and interest rates.

The Bangko Sentral ng Pilipinas (BSP) has so far lowered borrowing costs by a total of 125 basis points (bps) since it began its easing cycle in August last year. The policy rate now stands at 5.25%.

UA&P said the US dollar rate will “move either way” depending on rate cuts by the BSP and the US Federal Reserve.

“The peso-dollar rate has a fundamental depreciation bias although it will depend much on extent and timing of policy rate cuts by BSP and the Fed,” it said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will be able to grow stronger in the 3^rd quarter even though the 19% Trump tariffs are already in effect? Do you see any signs of Philippine exports to America slowing down already?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines Seeking US Tariff Exemptions For Agricultural Commodities, Electronics and More

August 31, 2025August 30, 2025carlocarrasco

Remember the big meeting between United States President Donald Trump and Philippine President Ferdinand “Bongbong” Marcos, Jr., over a month ago? A 19% tariff by America on Philippine goods was set and now the government of the Philippines is seeking exemptions specifically for exports of agricultural commodities, electronics, vehicle tires, bags and aircraft parts, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the news report of BusinessWorld. Some parts in boldface…

THE PHILIPPINES is asking the US to exempt exports of agricultural products and other goods from the 19% tariff imposed by US President Donald J. Trump, a Trade official said on Thursday.

Trade Undersecretary Allan B. Gepty said the government is seeking US tariff exemptions for exports of agricultural commodities, electronics, vehicle tires, bags and aircraft parts.

“We submitted a list of products we asked the US to exempt from the imposed tariff rates, because these are key and complementary items. And some of them, in fact, are not even produced or manufactured there (in the US),” he told senators at a Senate briefing on the tariff set by Washington on Philippine exports.

“The immediate need right now is we want to negotiate for an exemption, because we want to protect our industries whose main export market is the US,” he added.

The US began imposing a 19% tariff on Philippine goods starting Aug. 7.

“We already submitted to the US the products that should be exempted from the reciprocal tariffs,” he said.

Mr. Gepty said about 23% of the country’s total exports to the US are exempted from the 19% tariff.

In June, the United States was the top destination for Philippine-made goods amounting to $1.22 billion, 35.2% higher from the same month a year ago. Around 53% of the Philippines’ total exports to the US were semiconductors and electronics, Mr. Gepty said.

The US has yet to set new global tariffs for semiconductors and pharmaceuticals. Mr. Trump had earlier said he plans to announce higher tariffs on imports of semiconductors, but companies that plan to build manufacturing facilities in the US would be exempted.

“Ninety-nine percent of our semiconductors as of now are still exempted, there’s still no problem” he said. “If the 100% continues, that’s a big problem,” he added.

Mr. Gepty said most of the semiconductors are made by US companies in the Philippines and exported to the US. He noted the higher tariffs would pose problems for the US supply chain, particularly for its defense industry.

Meanwhile, the Philippines has not formally granted zero tariffs on US products, as negotiations over a reciprocal trade agreement remain ongoing, he said.

Let me end this post by asking you readers: What is your reaction to the recent developments? Do you think the Philippines will succeed in getting an exemption from the Trump tariff on key exports?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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