President Ferdinand Marcos Jr. on Wednesday called for the reauthorization of the Generalized System of Preferences (GSP) program that will extend duty-free privileges to some Philippine products exported to the United States.
The President made the call during a roundtable forum with the members of the US-Asean Business Council and US Chamber of Commerce where he also urged American businessmen to invest in the Philippines.
“We would like very much for the authorization to come about as this boosts trade, and to make US products that are made in the Philippines more competitive in the global market,” Marcos said, adding it has been more than two years since the GSP program ended.
The Presidential Communications Office said prior to the expiration of the US GSP in December 2022, around 5,000 Philippine products such as electronics and agricultural products enjoyed zero tariffs.
The US Trade Department said among the factors being considered for the reauthorization are human rights and labor issues.
In a separate briefing on May 3, Trade Secretary Alfredo Pascual said he has discussed with US Department of Commerce officials the Philippines’ intention to include garments and footwear in the list of export products eligible for GSP.
“I mentioned we are eager to renew our coverage.
The problem is this is not an executive action, the renewal is a a congressional action.
There are many interests, many constituents that have to be considered and their interests reconciled. It’s hard to say if this will push through within the year,” Pascual told reporters.
