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26/03/2018: STATEMENT OF AMBASSADOR JOSE MANUEL G. ROMUALDEZ ON THE RENEWAL OF THE US GSP PROGRAM

STATEMENT OF AMBASSADOR JOSE MANUEL G. ROMUALDEZ
ON THE RENEWAL OF THE
US GSP PROGRAM

The Philippines welcomes the reauthorization of the United States Generalized System of Preferences (GSP), which was included in the Omnibus Spending Bill signed into law on 23 March 2018 by President Donald J. Trump.

The renewal authorizes the GSP through 31 December 2020 and covers a total 5,057 products or tariff lines or roughly 47.7% of the 10,600 total US tariff lines.  Effective 1 July last year, a total of 23 travel goods articles were added to the program.

The Philippines has enjoyed preferential duty-free entry to the US through the GSP program for a number of products. GSP exports account for 18% of Philippines exports to the US, valued at an estimated US$ 1.59 billion.

In my report to Foreign Affairs Secretary Alan Peter S. Cayetano, I emphasized the importance of this program to Philippine exporters and MSMEs. It has been and will remain an important component of the development cooperation framework of the Philippines and the United States.

We thank the US Congress and the Trump Administration for the renewal of this triple-win program for developing countries, US businesses and American consumers. We also thank other GSP beneficiaries, industry associations and US importers who joined us in advocating for the renewal of GSP. ###