Senate President Francis “Chiz” Escudero on Thursday, April 3 called on state economic managers to prepare and plan for contingencies and a calibrated response to the 17-percent tariff that the United States will impose on Philippine exports starting April 9, 2025. 

“What are the pains and what are the gains, if any, that we should expect? Will it be an economic earthquake that will shake our economy to its foundations? Or will it just be a slight tremor that will not cause any harm?” Escudero said as he expressed concern over the global tariff tsunami unleashed by US President Donald Trump. 

“The baseline of information should be out by sundown today, so we will know, as a nation, on how to move forward,” Senate chief said, citing the need for the government to cushion its impact on local economy.

Escudero said the first order of business should be for government to provide clarity amidst the confusion and to come up with the best course of action for the Philippines.

At the same time, the Senate leader cautioned government leaders against doing any “rushed retaliatory response” since any tariff raised is a pass-on tax “to our already overtaxed people.”

For one, the soybeans that the Philippines imports from the US that local chicken and hog growers use for their feeds could potentially be affected by the tariff hike.

Eventually, Escudero said this would translate to higher or expensive cost of goods “because $1 in every $6 of the country’s export earnings comes from our trade with the US.” 

“I am sure our economic managers have considered this possibility and will act accordingly with dispatch. They have my full trust and confidence on how to minimize the pain and maximize the gain,” the lawmaker said.

“Any upheaval carries opportunities, and I know that we will be able to spot it, seize it, and skillfully navigate the new economic terrain and exploit it for our gain,” he further said.