Metro Manila (CNN Philippines, May 5) — President Ferdinand Marcos Jr. has called for the revival of the United States trade preference program for the country for better access to the North American market and to level up trade.
\”[W]e would like very much for the authorization to come about as this boost trade, and to make U.S. products that are made in the Philippines more competitive in the global market,\” Marcos was quoted by Malacañang in its statement on Thursday.
The president referred to the Generalized System of Preferences (GSP) program for duty-free privileges on Philippine products exported to the United States. The GSP expired in 2020.
Marcos made the remark during a forum organized by the US-ASEAN Business Council and US Chamber of Commerce roundtable and reception at the Blair House as he winded down his official visit to Washington, D.C.
In its website, the Department of Trade and Industry (DTI) said Philippine top exports under the GSP in 2019 included pneumatic tires, handbags, and insulated electric conductors.
The agency stated that local products worth around $1.557 million were covered under the GSP in 2020, while the country’s utilization rate stood at 74%.
