00:00The Philippines is not safe from the increasing tariffs imposed by the United States on their products.
00:0517% will be imposed next year, according to an economist,
00:10which has an effect on the price of goods, dollar remittances, and others.
00:13But, there is also good news, according to the government, which was led by Mark Salazar.
00:22April 2nd, reciprocal tariffs kick in.
00:26And, whatever they tariff us, other countries, we will tariff them.
00:32This March, US President Donald Trump announced
00:37that the reciprocal tariff will not be lower than 10%
00:40on all products sold in America from 185 countries or territories.
00:48This is Liberation Day,
00:51and the day that we began to make America wealthy again.
01:06If you want your tariff rate to be zero,
01:09then you build your product right here in America.
01:21We did not export a lot to the US.
01:24According to the PSA, only 16% of the total export of the Philippines is exported to America,
01:30or equivalent to more than 690 billion pesos.
01:34But if the Department of Trade will ask,
01:38the new tariff can be considered as good news.
01:41When the tariff was raised to all countries,
01:44we were one of the lowest in Asia.
01:47It's a little higher than the 10% tariff on Singaporean products.
01:51We can still get investors from those countries
01:57that have a big tariff.
02:00So they can go to the Philippines,
02:03they can manufacture here,
02:05because only 17% of the products are exported to us.
02:09Another good news,
02:10most of the products we export to America,
02:13like electronics and earth minerals,
02:17are exempted from the highest tariff.
02:19According to an economist,
02:21that's bad news.
02:23It's possible for them to raise the interest rate
02:26so that their love for the goods will increase.
02:29If they raise the interest rate,
02:31the value of the dollar will also increase against the peso.
02:35So if it increases,
02:38the value of the peso will increase against the dollar.
02:42That's why the imported goods that we use are expensive.
02:47Even our old debts,
02:49that we pay in dollars,
02:51will increase.
02:52Even the debts of the utilities
02:54that we pay in electricity or water bill,
02:57that's also in dollars.
02:59If the interest rate in America increases,
03:02the dollar remittances of Filipinos in America will also decrease.
03:06For GMA Integrated News,
03:09Mark Salazar,
03:11for 24 Hours.
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