NextGen Day

In a meeting with business leaders in Washington, D.C., President Ferdinand R. Marcos Jr. called for the renewal of the United States Generalized System of Preference (US GSP), but the top trade official of the nation reiterated the Philippines’ demand to include clothing and footwear in the tariff privileges.

Alfredo Pascual, secretary of the Department of Trade and Industry (DTI), said he informed US Secretary of Commerce Gina Raimondo of the Philippine government’s request to extend the zero-tariff to Philippine-made clothing and footwear during their side meetings late on Wednesday night.

According to Pascual, he also emphasized the value of the US GSP renewal for the Philippines.

The US GSP, which offers $0 tax for 3,500 tariff lines, is up for reauthorization, and the Philippine government is advocating for it.

Through this preferential treatment for tariffs, roughly 70% of the nation’s exports to the US market are subject to tariffs.

However, the US Congress has yet to reauthorize it, so it will expire on December 31, 2020.

DTI Undersecretary Ceferino Rodolfo stated, “So far from the (US) executive (side), what (they) are saying to the Secretary is that they are totally supportive of the reauthorization. We are hopeful that similar to the past, it will be reauthorized notwithstanding the expiration of the previous one.

According to Rodolfo, the US Executive Department concurs with the clause stating that the tariffs paid since 2021 will be refunded.

When Marcos visited the US and met in person with US President Joe Biden, Pascual and Rodolfo were a member of his group.

According to the DTI director, they are meeting with at least eight businesses in the US in an effort to increase investments and create jobs for the Philippines.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

Need to get in touch?

Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. Simple Ways To Say Thanks & Support Us:
1.) GIVE A TIP. Send a small donation thru Paypal
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---