To boost the international competitiveness of Philippine-made products, President Ferdinand R. Marcos Jr. is seeking for the reauthorization of the Generalized System of Preferences (GSP) program of the United States.
The GSP, which expired in 2020, grants Filipino exporters zero duty for 3,500 tariff lines in the US.
During his speech at the forum organized by the US-Association of Southeast Asian Nation (ASEAN) Business Council and US Chamber of Commerce in Washington D.C. last Wednesday, Marcos sought the support of the private sector for the authorization, which he said will benefit both Filipino and US firms.
“We would like very much for the authorization to come about as this boosts trade, and to make US products that are made in the Philippines more competitive in the global market,” Marcos said.
Last April, US Trade Representative Ambassador Katherine Tai announced when she visited the country that she will support the renewal of the country’s US GSP.
Investment destination
The President promoted the country as a secure investment destination citing the country’s 7.6 percent GDP growth last year.
He also assured US firms his administration will continue to “create an atmosphere that is attractive to potential investors and we continue that process.”
“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 said.
Present in the forum were top American businessmen and Filipino tycoons including Jaime Zobel de Ayala, Enrique Razon, Tessie Sy Coson and Kevin Tan.
Anticipating the transition of more countries towards decarbonization, Marcos said the Philippines is targeting to develop its manufacturing sector particularly those engaged in producing components for green technology such as electric vehicles as well as solar and photovoltaic-related products.
Areas of cooperation
Prior to the forum, Marcos also visited the Pentagon, where he was received by US Secretary of Defense Lloyd J. Austin.
Austin assured the President of the US government’s commitment to help modernize the country’s defense capabilities.
Marcos also met with members of the US Senate in Capitol Hill to discuss defense and security engagement and other possible areas of cooperation such as supply chain, health and health security, environment, energy security, and interconnectivity.
Earlier this week, he also had high-level dialogues with US President Joseph Biden and US Vice President Kamala Harris.
The president will be ending his four-day working visit in the US on May 4.
Image credits: AP/Andrew Harnik