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PHL among countries least affected by US-China trade war —AMRO

The Philippines is among the countries least affected by the trade war between China and the United States, according to the ASEAN+3 Macroeconomic Research Office (AMRO).

AMRO Chief Economist Hoe Ee Khor on Wednesday said the latest assumptions indicate that even in the worst case scenario, the trade war will have minimal impact on economic growth.

“In the event of the worst case scenario, for the Philippines, the impact is -0.06%. It’s actually the smallest amount in the countries we have that are impacted,” he told reporters in a press conference in Manila City.

China and the United States, the world’s biggest economies, are currently rekindling talks ahead of the G20 summit in Osaka.

According to a report by Reuters, US President Donald Trump on Tuesday said that teams from the two sides would bring preparations for the leaders to sit down next week.

China, which previously declined to say whether the two leaders would meet, confirmed the get-together between the two countries.

“The Philippines is not as part of the global value chain, and much more of a service economy, and impact (of the trade war) has been less felt,” said Khor.

“By large, I think the economy has not been affected as much as we feel, and we hope that it remains that way,” he added. —VDS, GMA News