The Board of Investments (BOI) expressed confidence in the Philippines’ trade and export outlook, particularly regarding a potential Free Trade Agreement (FTA) with the United States, following the re-election of US president Donald Trump.
BOI managing head Ceferino Rodolfo underscored the promising trajectory for PH-US economic ties under Trump’s renewed leadership in his speech at the opening of the six-day National Exporters’ Week at the Conrad Hotel on Monday,
“We are very hopeful that Trump 2.0 will be a net positive for the Philippines,” Rodolfo said, highlighting the Trump administration’s previous openness to a bilateral FTA with the Philippines during his first term.
Rodolfo said that in November 2017, during the Philippines’ ASEAN chairmanship, a joint statement confirmed the US’s willingness to explore a bilateral trade deal.
Then-US Trade Representative (USTR) Robert Lighthizer cited this in a Senate hearing, identifying the Philippines as a strong candidate for a first bilateral FTA under the Trump administration.
“President Trump has consistently shown support for closer economic relations with the Philippines, including advancing discussions on an FTA and critical minerals cooperation,” Rodolfo said.
He noted that Trump’s approach to trade, particularly his focus on trade imbalances, bodes well for the Philippines.
Unlike China and Vietnam, which hold significant trade deficits with the US, the Philippines maintains a relatively modest surplus of $4 billion in goods trade.
“This balanced trade relationship positions the Philippines favorably under Trump’s trade policies, which emphasize fairness and addressing imbalances,” Rodolfo said, pointing out that PH-US trade extends beyond goods to include services.
Rodolfo also highlighted the role of Trump’s nominee for secretary of state, senator Marco Rubio, who introduced legislation earlier this year to strengthen US-Philippine ties.
Rubio’s bill, which focuses on critical minerals cooperation and infrastructure development, signals continued support for deeper economic collaboration between the two nations.
“With President Trump’s track record and the ongoing efforts of key US policymakers, the Philippines is well-positioned to secure stronger trade deals and enhance economic relations with the United States,” Rodolfo said.
