Over one billion dollars worth of Philippine agricultural exports to the United States will be exempted from a 19 percent tariff imposed by President Donald Trump after he issued an executive order lifting some food tariffs on Nov. 14

"Based on the US data the exempted agricultural products amount to over one billion dollars or 1.03 billion dollars so it is a very significant export," newly appointed Finance Secretary Frederick Go said in a press conference on Tuesday.

Trade and Industry Secretary Ma. Cristina Roque said that the US "decision to expand tariff exemptions from wide ranges of key Philippine agricultural products provide important relief" for Filipino exporters and reinforces the strength of US - Philippine trade relationship.

"This industry sustained thousands of Filipino farmers, (micro small and medium enterprises) MSMEs and rural workers and this decision offers not only immediate relief but also renewed confidence and stability," she said.

In a TV interview Tuesday night, Trade and Industry Undersecretary Ceferino Rodolfo explained that the executive order of Trump applies not just to the Philippines but for every agricultural export to the US.

However, he said the Philippines is the top exporter of agricultural products covered by the executive order.

"We are number one in terms of desiccated coconut as an exporter to the US, for crude coconut oil it's the same we are number one and for coconut fatty acids we are also number one," he said.

"So while the exemptions are applied to all countries, the Philippines definitely will benefit more than other countries for these products," he added. Robina Asido/DMS