Higher PHL NTBs put it at risk of reciprocal tariffs By Andrea E. San Juan
H WORLD » A10
NETANYAHU ADVANCES TRUMP’S CONTROVERSIAL GAZA PLAN AMID ONGOING CONFLICT, CEASEFIRE UNCERTAINTY
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AVING “higher” non-tariff barriers makes the Philippines more susceptible to being slapped with high reciprocal tariffs by the US, according to Japanbased think tank Nomura Asia. According to Nomura, the reciprocal tariffs will be levied not only on the basis of tariffs imposed by partner countries on the US, as was believed to be the case earlier, but also on other factors considered discriminatory, including value added taxes, deviations of exchange rates from market value, unfair limitations on market access and non-tariff barriers.
“Specifically, non-tariff barriers are seen as higher in China, India, Indonesia, the Philippines and Thailand,” Nomura said in a commentary on Monday. Unlike tariffs, Nomura explained that non-tariff barriers are “harder to quantify.” These include import policies, sanitary and phytosanitary measures, technical barriers to trade, export subsidies, a lack of intellectual property protection, among others. Citing a 2024 US Trade Representative report, Nomura said China, India, Indonesia, the Philippines and Thailand have “higher” nontariff barriers. The World Trade Organization’s (WTO) Integrated Trade Intelli-
gence Portal that quantifies nontariff barriers showed China and India having the “highest” non-tariff barriers in Asia, with both countries using antidumping measures as a “retaliatory” tool. In the case of the Philippines, the Japan-based think tank said one of the country’s non-tariff barriers is prohibiting used motor vehicle imports. Another barrier, the think tank noted, is the “burdensome” requirement to submit a utilization report concerning ingredients used in the manufacture of animal feed. Another non-tariff barrier flagged in the Philippines is the country’s requirement to obtain import permits and cold chain regulations.
In an earlier commentary, Nomura said that over 90 percent of the exports of India, the Philippines, Thailand and China (destined for the US) have higher relative tariff rates and are “therefore most at risk of higher reciprocal tariffs.” Nomura defined reciprocal tariffs as imposing the same tariff rate on imports from other countries as other countries impose on US exports. For instance, it noted, if India imposes a 25-percent tariff on US autos, then the US would impose a 25-percent tariff on imports of autos from India. The Japan-based think tank underscored that Trump’s objective of implementing reciprocal tariffs is to “ensure See “Higher,” A2
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OFW REMITTANCES UP 3% n
TO $34.49B IN 2024–BSP O
By Reine Juvierre S. Alberto @reine_alberto
VERSEAS Filipinos continue to drive the Philippine economy, as cash remittances hit $34.49 billion in 2024, more than double the inflow of foreign portfolio investments or “hot money.”
Latest data from Bangko Sentral ng Pilipinas (BSP) showed the cash remittances of $34.49 billion from January to December 2024 were higher by 3 percent from $33.49 billion in 2023. “Overseas Filipinos’ cash remittances and consumption spending by migrant and non-migrant families will remain to be among the main economic drivers of the country,” Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano told the BusinessMirror. The $34.49-billion cash remittances, as Opiniano illustrated, account for 217.8 percent of foreign portfolio investments or the “hot money” amounting to $15.83 billion in 2024—which does not permanently stay in the country. Moreover, cash remittances from January to November 2024 worth $31.11 billion is 362.5 percent higher than foreign direct investments amounting to US$8.58 billion. “Both types of resources stay in the country, and the hard work
and earnings from compatriots abroad remain the Philippines’ most visible resource,” Opiniano, who also serves as the director of the University of Santo Tomas (UST) Research Center for Social Sciences and Education, said. Increased remittances from Filipinos in the United States, Singapore, Saudi Arabia, Japan, United Kingdom, United Arab Emirates, Canada, Qatar, Taiwan, the Republic of Korea and other countries drove the growth of remittances in 2024, according to the BSP. The weakening of the Philippine peso boosted the inflow and value of remittances in peso terms, Opiniano said. Rising inflation may have also compelled migrant families to request more financial support from their overseas breadwinners, he added. Looking ahead this year, Opiniano said economic and immigration policies under United States See “OFW,” A2
FAST, FURIOUS, FORFEITED Bureau of Customs’ Customs Intelligence and Investigation Service-Manila International Container Port (CIIS-MICP) Chief Alvin Enciso poses beside a seized McLaren 720S, one of several luxury vehicles suspected of being smuggled into the country without proper duties and taxes. The high-end cars—worth an estimated P370 million—were confiscated in Makati City on February 17, 2025. Other seized vehicles include a Ferrari 812 Superfast, Ferrari 488 GTB, Mercedes-Benz G63 AMG, and Bentley Bentayga. NONIE REYES
MORE PINOY WORKERS FAVOR Better roads, bridges key to lower costs of farm products TAILORED PERKS–SURVEY By Bless Aubrey Ogerio
A
@blessogerio
GROWING number of employees in the Philippines are having a strong preference for personalized and flexible perks, a recent survey by a multinational professional services firm revealed. In Aon’s Employee Sentiment Findings, 83 percent said they would be willing to give up existing benefits in favor of options that better suit their needs. Top-valued benefits include medical coverage, which remains
the most important for employees, followed by paid time off. Other key benefits include worklife balance programs, career development opportunities and retirement savings. “Considering the challenges faced by the national healthcare system, it’s understandable that employees value medical/health coverage the most, with paid time off coming second,” Aon stated. Workers now have stronger demands for their employers to secure their financial future. At See “Pinoy,” A2
By Ada Pelonia
T
@adapelonia
HE Department of Agriculture (DA) wants to enhance the country’s roads and bridges to ease the flow of farm products, lower transport costs, and boost food security. Agriculture Secretary Francisco Tiu Laurel Jr. said he will seek a meeting with the Department of Public Works and Highways (DPWH) to discuss improving the country’s road and bridge infrastructure. “The importance of a strong road and bridge network in agriculture, especially in an archipelago like the
Philippines, cannot be overstated,” Laurel said in a statement. “Agriculture relies heavily on logistics, and transport infrastructure directly affects the cost and efficiency of moving farm inputs and produce,” he added. Laurel noted that well-maintained roads and bridges could lower transportation costs, reduce spoilage, and allow farmers to bring their goods to market faster. This could also translate to more stable prices for consumers, he added. The DA said the issue with the country’s roads and bridges would be particularly critical in the rice sector. See “Roads,” A2
NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S) Notice is hereby given that the following companies/Employers have filed with this Regional Office application/s for Alien Employment Permit/s: ESTABLISHMENT / ADDRESS No.
NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION
QUALIFICATION AND SALARY RANGE
1NNOVATION INTERNATIONAL TRAVEL CONSULTANCY INC. Unit 9a3 9/f Ety Building., 484 Quintin Paredes St., Barangay 289, Binondo, City Of Manila
HAO, DIANFENG Chinese Consultant 1.
Brief Job Description: Responsible for overseeing projects to address issues and needs.
Basic Qualification: College graduate, with previous work experience in a similar role and with excellent technical and communication skills. Salary Range: Php 30,000 - Php 59,999
See “dole ncr” on A6-A7
PESO EXCHANGE RATES n US 57.8890 n JAPAN 0.3800 n UK 72.8996 n HK 7.4367 n CHINA 7.9743 n SINGAPORE 43.2265 n AUSTRALIA 36.7306 n EU 60.7198 n KOREA 0.0402 n SAUDI ARABIA 15.4391 Source: BSP (February 17, 2025)