Marcos pushes for GSP reauthorization during US visit

WASHINGTON — President Ferdinand "Bongbong" Marcos Jr. called for the renewal of the Generalized System of Preferences (GSP) program with the aim of enjoying duty-free privileges on products exported to the United States by the Philippines.

Marcos made the call during a forum organized by the US-ASEAN Business Council and US Chamber of Commerce roundtable and reception at the Blair House during his official visit here.

"We would like to request for reauthorization… to boost trade, and to make US products that are made in the Philippines more competitive," Marcos said.

The Philippines benefits from the GSP, which expired in December 2020, as the program provides zero duty for 3,500 tariff lines.

Marcos also touted before American business executives the Philippine economy's growth, which stood at 7.6% last year. He urged American firms to invest more in the Philippines as the country intensifies its efforts to create an atmosphere that is attractive to investors.

“This is the effect of our very aggressive efforts really to promote the Philippines as an investment destination,” the President 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 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.”

Marcos also mentioned advancing the digital transformation of Philippine-based companies “to foster the competitiveness of the semiconductor and electronics sector.”

Marcos said the country has supported the “smart industry readiness” of several semiconductor and electronics manufacturing services companies “to help them craft their digital transformation roadmaps.” —KBK, GMA Integrated News