More FTAs, exports diversification pushed after Trump winMANILA, Philippines — The Philippines must continue efforts to enter into more free trade agreements (FTAs) and diversify exports to strengthen the economy’s resilience amid returning US President Donald Trump’s promise to slap tariffs on imported goods, according to the National Economic and Development Authority (NEDA). “So I think that we will have to continue with our internal efforts, our internal reforms, to ensure that whatever the state of the global economy, our local economy will be able to adjust and take advantage of opportunities to protect the local economy from any adverse shocks if there will be one,” he said. Even before the elections in the US, he said the Philippine government has been pushing for initiatives to reduce the vulnerability of the local economy to any external shocks, especially from major trading partners. “We have been pushing, we have been more aggressive in opening up other channels, like our FTAs with other countries. In line with the government’s thrust to diversify export markets, the Philippines has been pursuing FTAs with various countries.

Source: Philippine Star November 08, 2024 22:18 UTC