Duterte, Cabinet to tackle US-China trade war

MANILA, Philippines — The effect of the US-China trade war may be becoming more palpable in the country as economic officials are expected to brief President Duterte and the entire Cabinet on the matter at the coming cabinet meeting next month.

“The China-US trade war, I think the key word for us is to be able to use it as an advantage, capitalize on it as an opportunity,” Secretary to the Cabinet Karlo Nograles said at the Kapihan sa Manila Bay forum yesterday.

The National Economic and Development Authority (NEDA) and Department of Trade and Industry (DTI) will update the President and his Cabinet on developments in the US-China trade war.

“(It’s now affecting us), but the effect has not been super negative. It has been manageable and in fact, luckily we have a strong domestic market,” Nograles said.

The Palace’s move came amid reports of Chinese companies slashing prices, moving production abroad, creating new domestic markets and even rebranding goods to survive the escalating trade war with the US.

“We are not really very dependent on US, on China. Of course, they are trade partners but because of the strength of our domestic market, (the trade war) has not really affected us as negatively,” he added.

“In fact, the challenge is now for us to be able to capitalize on what is happening by seeking more investments here in the country, who would want to relocate in the country because we do not have problems with China, we do not have problems with the US,” Nograles said.

Nograles also reported there are companies in Taiwan interested in investing in the Philippines.

 “A lot of companies, particularly in Taiwan, have communicated their interests in relocating in the Philippines. That would mean more jobs for the Filipino people, and economic opportunities for us,” he said.