DOF Sec. Recto, positibo sa ilang oportunidad na papasok sa Pilipinas sa kabila ng trade war

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00:00The Finance Department became more positive about the broad opportunity of the Philippines in the middle of the 17% annual tariff of the U.S.

00:10The government also emphasized how dependent the economy is on its own household or domestic consumption.

00:17Details of the news were reported by Alvin Baltazar of Radyo Pilipinas.

00:23Although the 17% annual tariff of the U.S. is not considered advantageous,

00:29Finance Secretary Ralph Rector said that there are still opportunities to enter the housing market in the country.

00:35According to him, the 17% tariff has no negative effect, but on the other hand, it also has a positive effect,

00:42especially for the Philippines, which has the lowest tariff.

00:47He said that this is one of the reasons why the leaders of the Philippines are looking for a higher tariff for their products.

00:55The tariff is cheaper, Rector said, although there was an increase, it is still an advantage for the investors.

01:17The Finance Chief added that the increase in the tariff of the Philippines has no negative effect compared to other countries in the region.

01:25He did not include export-led growth like many countries that we are with.

01:30The reason is that two-thirds of the Philippine economy is domestic consumption.

01:35This shows how dependent the economy is on its own household rather than export or foreign trade.

01:42Domestic consumption refers to the consumption or use of products and services within a country by its citizens.

01:50The good thing is that two-thirds of the Philippine economy is domestic consumption.

01:57We are not export-led growth like many countries within our region.

02:02For example, we will be affected less than other countries in the region, so to speak.

02:09He also highlighted the small tariff in the Philippines compared to other neighboring countries like Vietnam where the tariff is at 46%.

02:18The reason is that the Philippine trade surplus in the United States is not that large,

02:22which supports Rector's statement that the Philippine domestic consumption is larger than its export to the United States.

02:30The Philippine trade surplus in the United States is small.

02:34That is why it is not surprising to me why the tariff is so low.

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