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But it doesn't rule out rate cuts in the near term, said experts. The LPR is updated on the 20th of each month. This new regime allows the central bank to change monetary policy more frequently, and to respond quickly to counter economic downside risks if necessary.

But in 2018, the Philippines posted a record high 7.1 million tourist arrivals. Nearly half of them came from South Korea, China and the United States, according to the Philippine Department of Tourism.

But he admits he hates the panda bases during any major holiday, say, New Year's Day, Tomb Sweeping Day, Labor Day, Dragon Boat Festival, Mid-Autumn Festival and National Day.

But at the time only a few companies, from the United States and Germany, could produce the heavy equipment used to process ethylene. "This meant costly and long delivery times for domestic companies. It was a huge chance and a huge challenge for us," recalled Liu Shengming, SBW's publicity department manager.

But Gary Hufbauer, a senior fellow and trade expert at the Peterson Institute for International Economics in Washington, said the fallout could be greater.