MANILA – The Philippine economy is somehow insulated from the on-going US-China trade war as it is not too dependent on export but rather on internal demand and consumption, a Cabinet official said Friday.
Philippine exports benefit from the trade row, as the country supplies goods to both China and the US, socioeconomic planning secretary Ernesto Pernia told ANC.
“Because we are not so dependent on export, we are more dependent on internal demand, internal consumption, that is a safety valve as far as this ongoing trade war is concerned,” Pernia said.
“Other products that we have exporting to China and the US will be ramped up and exporting to other countries as well,” he added.
But the trade war, expected to “dampen” the global economy’s growth, may also have an impact on Philippine exports, Pernia said.
Pernia said the G20 Summit happening in Osaka, Japan is going to be an important forum for the world economy.