National Trade Commission creation has been proposed by Senate Majority Leader Francis “Tol” Tolentino in response to the economic effects of new U.S. tariff policies on Philippine exports.
Tolentino suggested establishing a commission of trade experts to assess the repercussions of the newly imposed 17% tariff by the United States on certain Philippine export products, including electronics and agricultural goods.
Tolentino said the proposed panel of experts will examine the impact of the 17% tariff imposed on some U.S.-imported products from the Philippines, such as electronics and agricultural items.
He added that the commission would also submit policy recommendations to the President and Congress for crafting new policies.
The senator stressed that the 17% tariff could significantly affect major export sectors such as electronics and agriculture.
Nevertheless, the senator emphasized that the tariff imposed on the Philippines is lower compared to higher tariffs against China and other countries — a situation that may open new opportunities for local industries.
The lawmaker said the Philippines has the potential to attract manufacturers moving out of China, so the country must ready its export zones and promote itself as an investor-friendly destination.
However, he also recognized challenges like high electricity prices and other business obstacles — issues the commission may include in its research and recommendations.
Tolentino asserted that we must be ready for the immediate effects and lay down long-term strategies to strengthen our economy in the face of changing global trade trends.