Overseas news
US President Donald Trump said he would reveal the tariff rate on imported semiconductors within a week, noting that certain companies in the sector may receive flexible terms.
Semiconductors power many products, such as electronics and artificial intelligence technologies. New tariffs can impact the prices of these products, affecting consumers and businesses.
Meanwhile, US House democrats proposed the Ukraine Support Act to provide aid to Ukraine and impose sanctions on Russia.
The bill is seen as an attempt to pressure the Trump administration to support Ukraine amid the ongoing war. The Ukraine-Russia war has caused uncertainty and affected the global economy for years.
Local developments
In March, automotive sales rose by 7.6% to reach 40,306 units. Strong demand for commercial vehicles drove the increase amid a sharp decline in passenger car sales.
The data came from a report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA). Higher commercial sales may reflect increasing business activity, positive outlook by companies, or both.
Meanwhile, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said he remains optimistic about a 6% economic growth in the 1st quarter due to rate cuts and lower inflation.
However, he cautioned that global uncertainties may prevent the GDP from reaching the upper end of the 6-8% target.
Additionally, the Bangko Sentral ng Pilipinas (BSP) may need to further cut rates this year to support economic growth, according to BMI Country Risk & Industry Research.
This is due to the Trump administration’s planned 17% tariff on Philippine imports, which could lessen demand for locally made products if it goes into effect after the ongoing freeze.
There are some bright spots in the local news though uncertainty persists globally. You may want to remain cautious with your investing decisions while staying updated on developments.
