MANILA, April 3 (Xinhua) -- Philippine Finance Secretary Ralph Recto said on Thursday that the Philippine economy remains resilient amid global trade shifts, saying domestic demand rather than exports drive the country's economy.

"The Philippine economy is primarily driven by domestic demand rather than exports. This makes us relatively resilient against trade wars," said Recto.

However, as with all other countries, Recto said the Philippines "is not spared from the impact of the expected decline in international trade and the possible slowdown of global growth due to supply chain disruptions, higher interest rates, and higher inflation."

Despite this, Recto said the Philippines sees opportunities from global trade development.

"The Philippines could be a hub for global value chains, particularly in industries like electronics, textiles, food, and automobiles," Recto said.

With the country's global comparative advantage in coconut oil, he said the Philippines is also well-positioned to expand its market share in the Ubuted States for coconut-based products, including desiccated coconut and copra meal/cake.

He said the government is leveraging the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act to attract more investors to locate in the country.

"The CREATE MORE Act will strengthen our ability to attract investors looking to expand or relocate to the Philippines," he added.

The Philippines is also actively pursuing more free trade agreements with its global partners, Recto said. Enditem

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