Bongbong Marcos bats for duty-free privileges for PH exports to US

WASHINGTON D.C., United States — President Ferdinand “Bongbong” Marcos Jr. on Wednesday (Thursday Manila time) called for the reauthorization of  the Generalized System of Preferences (GSP) program so the country can export its products to the US duty free.

Marcos issued the call during a forum organized by the US-Asean Business Council and US Chamber of Commerce roundtable and reception at the Blair House here.

“We would like to request for the reauthorization… to boost trade, and to make U.S. products that are made in the Philippines more competitive,” he said in his speech.

Marcos noted that it has been more than two years since the GSP program ended.

The President also 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 to promote the Philippines as an investment destination,” he said.

Marcos encouraged American companies to invest more in the Philippines as the country stepped up efforts to “create an atmosphere that is attractive to potential investors and we continue that process”.

“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,” he said.

The President also discussed 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”.

The semiconductor industry, on the other hand, can gain more from increasing skills in research and development, Marcos said.

“Because Outsourced Semiconductor Assembly and Test (OSAT) is vulnerable to disruptive technologies, we will need to undertake research and development that can help us improve business for OSAT firms in the country,” he added.

With the trend toward electric vehicles, Marcos said Philippine exports geared towards electric vehicle use such as wire harnesses, rubber tires, and automotive electronics have good potential.

He 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.

READ MORE:

https://business.inquirer.net/398907/biz-buzz-tycoons-maximize-marcos-us-visit

https://business.inquirer.net/396657/ph-looks-to-other-venues-to-deepen-us-trade

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