NextGen Day

Department of Agriculture Secretary William Dar said on Thursday that he hopes the United States General System of Preferences (US GSP) would be renewed to help the country’s agriculture industry perform better.

In a letter to reporters, Dar added, “It helps the Philippines attract investments, develop new sectors and jobs, and foster supply chain resiliency.”

During their virtual conversation on Wednesday, Dar and American Charge d’Affaires Heather Variava reviewed possible areas of improved partnership.

The US GSP is the largest and longest US trade preference program, designed to promote economic growth and development in developing nations by allowing products from 122 designated beneficiary countries (BDCs) and territories, including the Philippines, to enter the US market duty-free.

The scheme, according to Commerce Industry Secretary Ramon Lopez, helps beneficiary countries boost and diversify trade with the United States.

According to the Philippine Statistics Authority (PSA), in 2020, the United States will be the leading export destination for Philippine goods.

About 70% of Philippine exports to the US were qualified for GSP, while the US accounted for 15.2 percent of the country’s exports last year, or USD9.71 billion.

Due to the pandemic’s effects, Philippine exports to the United States fell 16.1 percent in 2020, compared to USD11.57 billion in 2019.

The GSP of the United States expired at the end of 2020 and has not been extended since.

Dar, on the other hand, expressed gratitude to Variava and the United States for their agricultural assistance.

He said he welcomed US investors to invest in the Philippines’ coco chip and coco board industries, as well as seafood processing and canning.

Variava said the US initiatives are in place to promote and complement the Philippines’ agricultural endeavors, citing various agricultural agreements between the two countries.

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