00:00Recognizing the crucial role of the semiconductor and electronics industry in the country's economic growth,
00:07President Ferdinand R. Marcos Jr. has established an advisory council aimed at enhancing the sector's global competitiveness.
00:15These and other stories in tonight's Business Wrap from the Philippine News Agency.
00:19A look at business headlines. President Ferdinand R. Marcos Jr. has formed an advisory council in order to provide strategic guidance and insights
00:34in enhancing and strengthening the global competitiveness of the Philippines' semiconductor and electronics industry.
00:41The SEI Advisory Council was created under Administrative Order 31 signed by Marcos on March 28.
00:49According to AO31, the council is directed to ensure that the PSEI roadmap aligns with the country's national economic development objectives.
00:59This will serve as the President's primary advisor on matters concerning the sector's growth, promotion, and competitiveness.
01:06Frederick Goh, Special Assistant to the President for Investment and Economic Affairs, will chair the SEI Advisory Council,
01:14while Trade Secretary Maria Cristina Aldegarroque will be the Vice Chairperson.
01:19Meanwhile, the Philippines has a chance to boost its agricultural exports to the United States,
01:25this after U.S. President Donald Trump mandated a 17 percent tariff on the country's goods.
01:32Agriculture Secretary Francisco Teodoro Jr. says the Philippines has the lowest tariff rates among competitors
01:38and it is favorable to take advantage of the imposed tariffs.
01:42He stressed that a 17 percent tariff can help the country grow exports in the competitive U.S. market.
01:48Products like coconut, seaweed, and fish are among those with growth potential.
01:53Competitor countries such as Vietnam face a 46 percent tariff, 36 percent for Thailand, 32 percent for Indonesia,
02:02while other ASEAN countries like Cambodia are charged 49 percent, and Malaysia 24 percent.
02:10That's a wrap for this week's business headlines.
02:13Happy weekend, everyone!
02:14From the Philippine News Agency, I am Bench Bondoc for Balitang Pambansa.