NATIONAL
Advocates Philippines
PBBM Requests Access to US GSP Program
Photo credit: PCO
In a meeting with prominent CEOs and business leaders in the United States, the US-ASEAN Business Council, and the US Chamber of Commerce, President Ferdinand R. Marcos Jr. has called for the Philippines to once again be granted access to the Generalized System of Preferences (GSP) program. The program provides duty-free privileges for various products exported by the country to the US.
President Marcos Jr. expressed confidence in the potential for the country's export products to continue to grow, particularly those related to electric vehicles and solar panels. The group also discussed the importance of digital transformation and strengthening research and development to improve the semiconductor industry in the Philippines.
The Philippines last benefited from the US GSP in 2022, allowing the country to export over 5,000 products without any taxes imposed. These products included electronics and agricultural products.
The GSP program is a trade preference system established by the United States to promote economic growth in developing countries. It allows eligible countries to export a wide range of products to the US without paying duties on those goods.
President Marcos Jr.'s push for the Philippines to regain access to the GSP program is seen as a positive step towards boosting the country's economic growth and increasing exports to the US market. The meeting with the CEOs and business leaders in the US was an important opportunity to showcase the country's potential for growth and the potential for mutually beneficial trade relations between the Philippines and the US.
President Marcos Jr. expressed confidence in the potential for the country's export products to continue to grow, particularly those related to electric vehicles and solar panels. The group also discussed the importance of digital transformation and strengthening research and development to improve the semiconductor industry in the Philippines.
The Philippines last benefited from the US GSP in 2022, allowing the country to export over 5,000 products without any taxes imposed. These products included electronics and agricultural products.
The GSP program is a trade preference system established by the United States to promote economic growth in developing countries. It allows eligible countries to export a wide range of products to the US without paying duties on those goods.
President Marcos Jr.'s push for the Philippines to regain access to the GSP program is seen as a positive step towards boosting the country's economic growth and increasing exports to the US market. The meeting with the CEOs and business leaders in the US was an important opportunity to showcase the country's potential for growth and the potential for mutually beneficial trade relations between the Philippines and the US.
May 4, 2023
