PH backs ASEAN's non-retaliatory stance on U.S. tariffs; BIR widens net vs. vape, cigarette smugglers

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Transcript

00:00Meanwhile, following the implementation of U.S. President Donald Trump's latest wave of tariffs,

00:06the Philippines support the stance of the Association of Southeast Asian Nations or ASEAN

00:12to refrain from retaliating with reciprocal tariffs.

00:16This and other stories in tonight's Business Wrap from the Philippine News Agency.

00:21A look at business headlines, the Philippines supports the stance of the Association of Southeast Asian Nations or ASEAN

00:35to refrain from retaliating against the reciprocal tariffs imposed by the United States.

00:41In a virtual meeting on Thursday, the ASEAN Economic Ministers or AEM issued a joint statement saying that

00:48ASEAN commits to instead formulate a unified regional approach to the issue.

00:53The bloc vowed to further strengthen intra-ASEAN trade and investment as they minimize the impact of the tariffs.

01:01Trade Secretary Maria Cristina Roque says the ministers agreed to create effective mitigation strategies

01:07to protect the interest of member states and maintain investor confidence.

01:11She says ASEAN will strengthen engagement and cooperation with the U.S.

01:16ASEAN will also explore new agreements to bolster supply chain resilience and expand market access.

01:23Meanwhile, the Bureau of Internal Revenue is intensifying its crackdown on vape and tobacco smugglers.

01:29The BIR in Pampanga reported that it destroyed 14.3 million packs of illicit cigarettes with unpaid taxes

01:36worth 6.3 billion pesos in March 2025.

01:39It filed an 8.5 billion peso tax evasion case against Chinese nationals and several corporations linked

01:47to illegal cigarette operations in San Simon, Pampanga.

01:51Authorities destroyed 3.26 billion pesos worth of smuggled vape products in cooperation with the Bureau of Customs.

01:58BIR Commissioner Romeo Lumagi Jr. says they vowed to go after these smugglers

02:03in line with the Marcos Administration's whole-of-government effort

02:06to stop the illicit trade and the health dangers posed by unregulated products.

02:13That's wrap for this week's Business Headlines.

02:16Happy weekend, everyone!

02:17From the Philippine News Agency, I'm Dench Bondoc for Balitang Pambansa.

02:21My first day.

02:31Thank you very much.

02:46See you.

02:47Bye-bye.

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