Export orders to US dip after tariff rollout By Bless Aubrey Ogerio
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RDERS from American buyers have begun to decline following the rollout of the reciprocal tariffs of the United States on August 7, according to the Philippine Exporters Confederation Inc. (Philexport). Philexport President Sergio Ortiz-Luis said that while shipments to the US were steady earlier this year, the trend shifted after the trade measure took effect.
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“In April, 90 percent of the exporters that we counted, all product line to the US, says business as usual. 10 percent have a problem with the buyers. They are very cautious,” Ortiz-Luis said on the sidelines of the Philexport General Membership Meeting in Parañaque City. “When August came out, the buyers in the US disappeared,” he added. Labor-intensive products such as garments, furniture, and leather goods were the first to feel the pinch, he noted. Electronics, which account for about
half of total shipments, remain in limbo pending clearer trade guidelines. “Electronics, until now, we don’t know…because if they put 100 percent of everything, and South Korea, Japan and Taiwan have special rates, we’re dead,” the Philexport head said. “They have no choice but to probably leave. But in the meantime, we don’t know. We’re still uncertain about it. Everybody’s interpreting what Trump was saying,” he added. The Philippines accounts for just 1.1 percent of total US im-
ports, compared with Vietnam’s 2 percent, Malaysia’s 1.5 percent and Thailand’s 1 percent. On August 7, the United States enforced a flat 19-percent tariff on the bulk of Philippine exports under US Executive Order 14257, following “subsequent” bilateral talks.
Peso debate
ASKED whether pushing the peso weaker to P60 per dollar could boost competitiveness, Ortiz-Luis said the impact was not straightforward. See “Export,” A2
BusinessMirror A broader look at today’s business
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GROWTH GOALS IN PERIL IN ’26 AMID TARIFF JITTERS www.businessmirror.com.ph
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Tuesday, September 23, 2025 Vol. 20 No. 345
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
By Cai U. Ordinario
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HE national government’s growth targets may not be met next year as uncertainties caused by higher US tariffs are bound to dampen investor demand, according to the Bangko Sentral ng Pilipinas (BSP). In its latest Monetary Policy Report, the BSP said the low end of the Development Budget Coordination Committee (DBCC) growth target of 5.5–6.5 percent will be achieved in 2025. But the target range of 6 to 7 percent may not be met in 2026. The BSP estimates that the target of 6 to 7 percent may only be met by 2027. The DBCC set a GDP growth target of 6 to 7 percent for 2026 to 2028. “Uncertainty over global economic policies, particularly the potential impact of US policies on global trade and investment, poses additional downside risks to domestic growth,” BSP said. “Potential output growth is expected to slow in the near term, as subdued investment demand weighs on productivity. This is consistent with estimates showing trend total factor productivity growth remaining below pre-pandemic levels,” it added. See “Growth,” A2
TRACKING NANDO’S FURY Quezon City Disaster Risk Reduction and Management Council personnel monitor Super Typhoon Nando at the Quezon City Emergency Operations Center on Monday, September 22, 2025, a day after rallies against corruption in flood-control projects drew hundreds of thousands nationwide. PAGASA warns of possible floods, landslides, and storm surges as Nando strengthens the southwest monsoon, bringing moderate to heavy rains. NONOY LACZA
PHL, a ‘niche’ hospitality growth market By Ma. Stella F. Arnaldo Special to the BusinessMirror
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MALL but resilient. This was how the Philippines’ publicly listed hospitality companies and travel firms are described in an investment brief, having grown by 63 percent in revenue to US$1.8 billion (P102.96 billion) in the last three years. In a post on the International Investor entitled, “Southeast Asia’s Hotels, Resorts, and Travel Industry Revival: Who Leads, Who Lags, and What Comes Next,” hedge fund manager Eric Jurado said: “The Philippines mirrors Thailand’s revenue growth rate but from a smaller base. The market benefits from domestic tourism and increasing
SOUTHEAST Asia is projected to rake in some $1.6 billion in combined profit by 2028. (This infograph was prepared using ChatGPT, and based on data provided by the International Investor.)
international arrivals, but operational efficiency and scale remain
mixed.” Jurado told the BusinessMirror
that seven listed hospitality companies are covered by his report: Bloomberry Resorts, Berjaya Philippines, PH Resorts Group Holdings, Waterfront Philippines, Discovery World, Boulevard Holdings, and Acesite (Phils.) Hotel. He also projected that these companies will continue to grow steadily, likely hitting $33.4 million (P1.91 billion) in profit by 2028, a 71-percent increase from $19.5 million (P1.12 billion) this year, based on data gathered by S&P Global Market Intelligence. “The Philippines is a niche player and offers steady recovery, but lacks the scale of Indonesia or Thailand. It may attract investors looking for diversification rather than
ENOUGH FUNDS TO RESPOND TO ‘NANDO’ VICTIMS–DBM By Reine Juvierre S. Alberto
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HE Department of Budget and Management (DBM) on Monday gave assurances the government has sufficient funds to respond to areas affected by Super Typhoon “Nando.” Budget Secretary Amenah F. Pangandaman said President Ferdinand R. Marcos Jr. ordered the provision of urgent aid to those affected by the super typhoon, as well as to guarantee that frontline agencies will receive support.
“Rest assured that on the part of the DBM, may nakahanda po tayong pondo para rito [we have funds prepared for this],” Pangandaman said. The National Disaster Risk Reduction and Management Fund (NDRRMF), commonly known as the calamity fund, stands at P8.633 billion as of September 22. This fund may be used for aid, relief and rehabilitation, as well as to repair and reconstruct damage from natural or humaninduced calamities within the See “Enough,” A14
See “PHL,” A2
PESO EXCHANGE RATES n US 57.1640 n JAPAN 0.3865 n UK 77.0285 n HK 7.3527 n CHINA 8.0300 n SINGAPORE 44.5064 n AUSTRALIA 37.6654 n EU 67.1848 n KOREA 0.0409 n SAUDI ARABIA 15.2425 Source: BSP (September 22, 2025)