Philippine President Ferdinand R Marcos Jr has described the country’s new trade arrangement with the United States as a “significant achievement,” despite criticisms over its fairness.
Speaking at a press conference after meeting US President Donald Trump at the White House on Wednesday (Manila time), Marcos stressed that the reduction of the tariff on Philippine exports to 19% from the proposed 20% is meaningful when viewed in real terms.
“One per cent might seem like a very small concession. However, when you put it in real terms, it is a significant achievement,” he said, according to the Philippine News Agency (PNA).
The agreement, he explained, will also pave the way for more American goods entering Philippine markets, particularly vehicles, agricultural products and pharmaceuticals, while lowering prices for consumers.
“We will open that market and no longer charge tariffs on that, so we can lower the cost of medicines,” Marcos said.
Although the 19% tariff remains relatively high, Marcos said the deal represents progress and provides a foundation for future talks.
“That’s now our template,” he added, signalling more discussions ahead to further improve terms.
The US remains the Philippines’ leading export destination, with shipments worth US$1.1 billion in May 2025, accounting for 15.3% of the country’s total exports.
