Go: U.S. consumers, not Filipinos, to bear tariff costs
During a press briefing in Malacanang, Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go clarified that it is not the Philippines who will bear the cost of the tariffs imposed by the United States, but the American consumers. He explained that when tariffs are applied, the additional cost is usually passed on to the buyers. In this case, it will be the consumers in the U.S. who will pay more, not Filipino exporters. He also emphasized that the reduction of tariffs to 19% is a significant development for the Philippines. This rate is now the second lowest in Southeast Asia. According to Go, this makes the country more attractive to foreign investors. It could encourage them to set up operations here and export their products globally.
Photo by Yummie Dingding for DAILY TRIBUNE