Manila: Senate Majority Leader Francis 'Tol' Tolentino has proposed the creation of a National Trade Commission to help the Philippines respond to the economic challenges and opportunities arising from the United States' newly announced tariff regime.

According to Philippine News Agency, Tolentino, in a news release on Tuesday, stated that the proposed expert panel would be tasked with studying the implications of the U.S. policy shift, particularly the 17-percent tariff affecting Philippine exports like electronics and agricultural goods. He emphasized the need for the body to draft policy recommendations for the President and Congress.

Tolentino expressed concern over the immediate impact of the 17 percent tariff on products, especially those in electronics and agriculture. However, he pointed out that the relatively lower tariffs imposed on the Philippines, compared to higher rates on China and other countries, could open new opportunities for local industries.

He suggested that the National Trade Commission could identify products that the Philippines can boost to gain a comparative advantage. He also highlighted the potential for the Philippines to attract manufacturers looking to relocate from China and stressed the importance of preparing export processing zones and promoting the country as an investment destination.

Tolentino acknowledged existing obstacles, such as high energy costs and other barriers to doing business, which he believes the commission could address in its recommendations. He urged the nation to brace for the immediate impact and map out long-term strategies to strengthen the economy amidst the evolving global trade landscape.