00:00On the other news, the Philippines is not retaliating against the reciprocal tariff imposed by the United States.
00:07Instead, the government is addressing the issue through a constructive approach,
00:12focusing on strengthening bilateral trade relations.
00:15These and other stories in tonight's Business Wrap from the Philippine News Agency.
00:20In our business news, the Department of Trade and Industry said
00:30the Philippines will not retaliate against the reciprocal tariff imposed by the United States.
00:36Trade Secretary Maria Cristina Roque said the Marcos administration is facing the issue with a constructive approach,
00:44focusing on strengthening trade.
00:46Roque floated the possibility of lowering tariffs on U.S. imports as a gesture of goodwill.
00:53She said this may open discussions on a potential free trade agreement
00:58that would eliminate tariffs and enhance economic cooperation.
01:02Roque said the Philippines may also expand its markets to Asia, South America, and the Middle East
01:09to cope with increased U.S. tariffs.
01:11She said these regions may show interest in certain Philippine products,
01:16such as semiconductors, coconut, and other agricultural products.
01:20Roque said this is an opportunity to promote Philippine products and investments.
01:25Meanwhile, Roque will join a virtual meeting of ASEAN economic ministers
01:30to discuss the Black's response to Trump's tariff order.
01:35The country's economic team agreed to listen to the positions of other ASEAN member states
01:41before finalizing its dissent.
01:45That's the latest business news from the Philippine News Agency.
01:50This is Stephanie Civelliano for Balitang Pambansa.
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