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To increase commerce, PBBM calls for PH GSP renewal.

The Philippines’ membership in the United States Generalized System of Preferences (GSP) trade program has been advocated for by President Ferdinand R. Marcos Jr.

Marcos stated that the initiative would boost commerce with the US and encourage competitiveness during a speech at a session hosted by the US-ASEAN Business Council and US Chamber of Commerce on Wednesday (US time) at the Blair House in Washington, DC.

On December 31, 2020, the nation’s eligibility for the US GSP program, which permits the duty-free entrance of a number of Philippine items into the US market, expired.

In order to increase commerce and make US goods manufactured in the Philippines more competitive, he stated, “We would like to request for reauthorization.”

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The President urged US businesses to invest more in the Philippines in addition to enhancing economic ties between the two nations, noting that the nation has ramped up efforts to “create an atmosphere that is attractive to potential investors and we continue that process.”

He praised the 7.6 percent growth of the Philippine economy in front of American business executives.

According to Marcos, “this is the result of our really aggressive efforts to promote the Philippines as an investment destination.” “We will never declare that we have it down pat. We’ll keep hearing from you and all of our other partners to learn more about what we can do to alter our economy and, in turn, be better prepared to address the security and defense concerns that the world faces today and in the area.

He stressed that military and security remain the top areas of cooperation and observed that the US-Philippines partnership is in the “front and center right now,” overcoming “some bumps and scrapes” during the previous years.

But right now, security and defense are priorities… We also need to recognize that everything is interconnected since our economies and society have become more complicated, making it difficult for us to distinguish between one area from another and claim that it does not have an impact on any other.

Marcos also emphasized the government’s initiatives to speed up the digital transformation of the Philippines, particularly through helping a number of semiconductor and electronics manufacturing services firms’ “smart industry readiness” and “to help them craft their digital transformation roadmaps.”

The President stated that as more nations work to meet their decarbonization commitments, the Philippines is confident about the growth in exports of solar and photovoltaic-related goods in the future.

He pointed out that the growing popularity of electric vehicles presents a strong opportunity for Philippine exports focused on the use of electric vehicles, such as wire harnesses, rubber tires, and automotive electronics.

As many nations work to meet their decarbonization targets, Marcos said the nation is also optimistic about growing its exports of solar and photovoltaic-related goods from the Philippines.

On the other hand, he said that the semiconductor business can benefit more from improved research and development capabilities.

Top American businessmen and Filipino tycoons, including Jaime Zobel de Ayala, Enrique Razon, Tessie Sy Coson, and Kevin Tan, were in attendance at the forum.

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