Dr. Cecilio K. Pedro, the president of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII), suggests that the Philippines should prepare for stronger competition in Southeast Asia as China's exports may slow down next year. Pedro also expresses concern over the 'America First policy' and its potential impact on the world economy.
Dr. Cecilio K. Pedro, president of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc.
However, Pedro expressed concern over the “America First policy,” as he said that this will also affect China in terms of trade. “And it could also affect here, Southeast Asian countries, especially our small economies, could be affected. So we have to be prepared for whatever will happen in the slowdown that will be coming very soon in next year, in many, many aspects, we have to be gearing up for better or stronger competition from our neighbors. So kailangan, magaling tayo, that’s about it,” Pedro also noted.
Philippine Statistics Authority showed that the People’s Republic of China is the Philippines’ top source of goods as it amounted to $24.30 billion in the January to September 2024 period, 11.5 percent higher than the $21.79 billion imports in the nine-month period in 2023. According to a Reuters article, some US businesses are already “activating” plans to protect their businesses from Trump’s promise to slap new tariffs on Chinese-made goods, among others.
Philippines Competition Southeast Asia China Exports America First Policy
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