The Philippine government said the effect of US President Donald Trump's reciprocal tariffs of 17 percent on the country is ''not that big, (it's) very minimal,'' a spokesperson said Thursday.

Palace Press Officer and Undersecretary Claire Castro quoted the Department of Trade and Industry (DTI) in making the statement.

The Philippines exported $14.2 billion worth of goods to the US and imported US$9.3 billion worth of American goods last year, according to the Office of the US Trade Representative.

As of February, the Philippine Statistics Authority (PSA) said the United States was the country's top export destination last month with exports amounting to $986.84 million.

Electronics account of 53 percent of exports while 20 percent of imports are agricultural, the DTI said.

The 17 percent reciprocal import tariff to the Philippines is the second lowest in the ASEAN with Singapore getting 10 percent.

In a statement, Trade and Industry Secretary Cristina Roque said this was the result of ''initial analysis'' but she added that it is ''diligently monitoring and assessing the potential impact'' of the US decision.

While she admitted the higher tariff will result in additional costs to Philippine exporters, Castro said it can also have positive benefits such as bringing in more investments.

She explained companies based in countries or territories, which were given higher additional tariff, may relocate to the Philippines so they can sell their goods in the US at a cheaper price. DMS