President Ferdinand R. Marcos Jr. has called for the renewal of the Philippines’ participation in the United States Generalized System of Preferences (GSP) trade program.
In a speech at a forum organized by the US-ASEAN Business Council and US Chamber of Commerce roundtable and reception at the Blair House in Washington DC on Wednesday (US time), Marcos said the program would increase trade with the US and promote competition.
The country’s eligibility for the US GSP program, which allows the duty-free entry of several Philippine products to the US market, expired on Dec. 31, 2020.
“We would like to request for reauthorization… to boost trade and to make US products that are made in the Philippines more competitive,” he said.
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Aside from strengthening trade relations between the two countries, the President also called on US companies to invest more in the Philippines as the country has stepped up efforts to “create an atmosphere that is attractive to potential investors and we continue that process.”
He touted before American business executives the Philippine economy’s growth, which stood at 7.6 percent last year.
“This is the effect of our very aggressive efforts really to promote the Philippines as an investment destination,” Marcos said. “We will never, at any point, say we got it perfected. We will continue to listen to you and to all our other partners as to what else we can do 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 noted that the US-Philippines alliance is in the “front and center right now,” overcoming “some bumps and scrapes” over the past years, as he emphasized that defense and security remain the priority areas of cooperation.
“But now, the security and defense are top of mind… we also have to see that because our economies and our societies have grown more complex, everything, it hinges on everything else and… it is very hard for us to separate and say that this is a discreet sector that does not affect any other sector,” he said.
Marcos also highlighted the government’s efforts to advance the digital transformation of the Philippines, particularly supporting the “smart industry readiness” of several semiconductor and electronics manufacturing services companies “to help them craft their digital transformation roadmaps.”
The President said the country is also optimistic about the future increase in exports of solar and photovoltaic-related products from the Philippines as many countries strive to comply with their decarbonization targets.
He noted that with the trend toward electric vehicles, Philippine exports geared towards electric vehicle use, such as wire harnesses, rubber tires, and automotive electronics have good potential.
Marcos said the country is also optimistic about increasing its exports of solar and photovoltaic-related products from the Philippines as many countries strive to comply with their decarbonization targets.
The semiconductor industry, on the other hand, can gain more from increasing skills in research and development, he pointed out.
Present at the forum were top American businessmen and Filipino tycoons, among them Jaime Zobel de Ayala, Enrique Razon, Tessie Sy Coson, and Kevin Tan. (PNA)
