Manila: President Ferdinand R. Marcos Jr. and Japanese Prime Minister Shigeru Ishiba on Tuesday discussed 'better solutions' to counter the economic impact of the tariffs imposed by the United States (US).

According to Philippines News Agency, Ishiba addressed the status of the global economy and the challenges posed by US tariff measures during a joint statement after the bilateral meeting at Malaca±an Palace in Manila. He highlighted the impact these tariffs have on the multilateral free trade regime and the world economy, particularly in light of the reciprocal retaliations between the United States and China.

Ishiba suggested that there are ways to address the potential economic challenges resulting from the US' new tariff policy. He emphasized the role of Japanese companies in the local economy of the Philippines and expressed his commitment to listening to the concerns of these companies to devise better solutions.

President Marcos acknowledged Japan as a reliable partner for the Philippines, noting that Japan is the country's second-largest economic partner and a significant player in trade, investment, and development cooperation. He emphasized the importance of the Philippines-Japan Economic Partnership Agreement in strengthening business ties and broadening economic opportunities for Filipinos.

Marcos expressed appreciation for Japan's development assistance, which he described as a gold standard for cooperation, supporting various sectors such as maritime domain awareness, infrastructure, food security, climate change adaptability, digital transformation, agriculture, space, cyber technology, health, and energy.

The President also highlighted the crucial role of development cooperation between the two nations in the Mindanao peace process. He stated that this cooperation would uplift the lives of Filipinos and promote economic competitiveness in the region.

Prime Minister Ishiba conveyed Japan's readiness to cooperate with the Philippines using uniquely Japanese strengths to assist the Marcos administration in achieving 'upper-middle income status.' He explained that Japan would work with the Philippines on projects covering telecommunications, the Asia Zero Emission Community (AZEC), energy, mineral resources, infrastructure, and disaster risk reduction, among others. Both leaders agreed to further strengthen their partnership in these areas.