PRESIDENT Ferdinand “Bongbong” Marcos Jr. is calling for the reauthorization of the Generalized System of Preference (GSP) program that allows Philippine products to be imported to the United States at reduced or zero tariffs.
In his speech at the forum organized by the United States (US)-Asean (Association of Southeast Asian Nations) Business Council and US Chamber of Commerce roundtable and reception at the Blair House in Washington on Wednesday, May 3, Marcos said the program will further boost trade and will make US products manufactured in the Philippines more competitive in the global market.
The forum was attended by top American businessmen and Filipino tycoons including Jaime Zobel de Ayala, Enrique Razon, Tessie Sy Coson and Kevin Tan, among others.
Some of the products that can be exported from the Philippines to the US under the GSP program are agricultural products like fruits, nuts, and vegetables; manufactured goods like textiles and furniture; and handicrafts.
In December 2020, the GSP for the Philippines expired and had yet to be reinstated.
Marcos touted before American business executives the Philippine economy’s growth, which stood at 7.6 percent in 2022.
“This is the effect of our very aggressive efforts really to promote the Philippines as an investment destination,” he said.
The chief executive called on US companies to invest more in the Philippines as the country stepped up efforts to “create an atmosphere that is attractive to potential investors and we continue that process.”
“We will continue to listen to you and to all our other partners as to what else we can do to help the — to help transform our economy and in that way to be able to play a viable part in the security and defense issues that are the challenges of the day and of the region,” he added.
The chief executive also discussed the government effort for digital transformation, noting its support to “smart industry readiness” of several semiconductors and electronics manufacturing services companies. (SunStar Philippines)