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President Ferdinand R. Marcos, Jr called for the reauthorization of the Generalized System of Preferences program to allow duty-free entry of some Philippine products to the US
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The President noted it has been more than two years since the end of the GSP program
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He also invited US companies to invest more in the Philippines
President Ferdinand R. Marcos, Jr. on Wednesday called for the reauthorization of the Generalized System of Preferences (GSP) program to allow duty-free entry of some Philippine products to the United States.
The President made the call in a speech at the forum organized by the US-ASEAN Business Council and US Chamber of Commerce roundtable and reception at the Blair House in Washington. Marcos is in the US for an official visit.
The President noted it has been more than two years since the end of the GSP program, and a re-authorization would boost trade and make US products made in the Philippines more competitive globally.
Present at the forum were top American businessmen and Filipino tycoons that include Jaime Zobel de Ayala, Enrique Razon, Tessie Sy Coson and Kevin Tan, among others.
In his speech, the President called on US companies to invest more in the Philippines as the country stepped up efforts to create an atmosphere attractive to potential investors, even as he touted the Philippine economy’s growth, which stood at 7.6% last year, due to “aggressive efforts… to promote the Philippines as an investment destination.”
Marcos underscored that the Philippines’ ties with the United States is in the “front and center right now”, overcoming “some bumps and scrapes” over the past years, as quoted by a statement from the Presidential Communications Office.
“And 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, impinges 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,” added Marcos.
Digital transformation
The President also touched on 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 “helps our digital transformation roadmaps.”
The semiconductor industry, on the other hand, can gain more from increasing skills in research and development, said the President.
“Because Outsourced Semiconductor Assembly and Test (OSAT) is vulnerable to disruptive technologies, we need to undertake research and development that will help us improve business for OSAT firms in the country,” added Marcos.
With the trend toward electric vehicles, Marcos said the Philippine exports geared towards electric vehicle use such as wire harnesses, rubber tires, and automotive electronics have good potential.
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, added Marcos.
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