00:00The United States issued a new executive order on November 14th, removing the 19% reciprocal tariff on most of the Philippines' agricultural exports.
00:10Among the exempted products are coconut oil, coconut water, desiccated coconuts, pineapples, mangoes, fresh and processed bananas, dried fruits, fruit juices, tuna fillets, confectionery goods, and water or rice wafer products.
00:25Also included are coffee, tea, cocoa, spices, oranges, tomatoes, beef, and some fertilizers.
00:32According to the Department of Trade and Industry and Office of the Special Assistant to the President for Investment and Economic Affairs,
00:39over $1 billion or $1.03 billion worth of agricultural exports in 2024 are covered by the exemption, 60% of which were coconut and coconut derivatives.
00:52Overall, 46% of total U.S. imports from the Philippines are now tariff-free.
00:58According to Secretary Frederick Goh, this is a huge help to farmers, MSMEs, and exporters as it maintains the competitiveness of Philippine products in the U.S. market.
01:09The government continues to engage with the U.S. to secure other sectors such as garments, travel accessories, furniture, and semiconductors.
