Secretary Frederick Go told reporters that the Philippines remains committed to talking with the US in pursuit of a bilateral deal, such as a free trade agreement.

“We remain committed to continuing negotiations with the US in good faith to pursue a bilateral, comprehensive, economic agreement, or if possible, an FTA,” Go told a media briefing.

Philippine officials are scheduled to travel next week for talks with their US counterparts before the tariff rate takes effect on Aug 1.

Manila’s ambassador to the US Jose Manuel Romualdez said today that the Philippines will seek to lower that tariff rate, which remains among the lowest reciprocal duties in Southeast Asia.

“We are still planning to negotiate that down,” Romualdez said in a phone message.

The US remains a vital export destination, accounting for nearly 16% of the Philippines’ total exports in the first five months of the year.

Go said the Philippines will continue to pursue key economic reforms to ensure the country remains competitive, and seek more trade deals with other countries to diversify and expand markets for the country’s products.

US goods trade with the Philippines reached an estimated value of US$23.5 billion in 2024, according to data from the office of the US trade representative.

US exports to the Philippines stood at US$9.3 billion, a 0.4% increase from 2023, while imports from the Philippines totalled US$14.2 billion, up 6.9% year-over-year.

The resulting US goods trade deficit with the Philippines widened to US$4.9 billion in 2024, a 21.8% increase from the previous year.