Manila: The Commission on Elections (Comelec) has announced that the Barangay and Sangguniang Kabataan Elections (BSKE) law is set to be signed by President Ferdinand "Bongbong" Marcos Jr. (PBBM) on August 12. This development comes amidst ongoing negotiations between the Philippines and the United States concerning new tariff rates.
According to Philippines News Agency, the one-week extension in the implementation of the new tariff rates imposed by the US on its trading partners will be utilized by Philippine officials to negotiate a mutually beneficial deal. Trade Secretary Cristina Roque expressed optimism, stating, "On the part of the Philippine government, we will continue with our talks with the US, and hopefully we can come up with a mutually beneficial deal the soonest possible time."
In parallel efforts, Philippine trade officials are focusing on expanding the country's trade network to provide more business opportunities and enhanced market access for exporters. They are actively seeking new markets to diversify and address the hike in tariffs for exports to the US. Initially, US protectionist policies were set to impose a 19 percent reciprocal tariff on Philippine exports starting August 1.
Trade officials highlighted that this tariff rate is the second lowest among Asian countries and achieved without compromising the agriculture sector. The current trade situation has influenced the Philippine Stock Exchange index (PSEi) and the Philippine peso, with analysts noting a negative impact for most of the week.
Rizal Commercial Banking Corporation chief economist Michael Ricafort commented that investors remain cautious, awaiting potential compromises from US President Donald Trump regarding negotiated tariffs during trade talks. The term "Trump Always Chickens Out" was mentioned in reference to the US's previous trade negotiation track records.
The US initially announced a 17 percent tariff on Philippine products in April, which later increased to 20 percent. However, it was reduced to 19 percent following President Marcos Jr.'s visit to the US with his delegation from July 20-22.
