This paper analyzes the economy-wide impact of policy reversals in the Philippines. The simulation results suggests that the country may have given up significant gains from trade, in the form of welfare improvements and poverty reduction due to the indefinite postponement of the planned 5 percent uniform tariff rate. Nonetheless, this study finds two viable tariff reform alternatives that the government may pursue moving forward. Although the poverty reductions are slightly less in these simulations, the benefits through higher real GDP and export growth remain sizeable.