President Ferdinand R. Marcos Jr. urged for the revival of the Generalized System of Preferences (GSP) program during a speech at a forum organized by the US-ASEAN Business Council and US Chamber of Commerce roundtable and reception at Blair House in Washington, USA.
He stressed that the authorization for the program’s revival would boost trade and make US products made in the Philippines more competitive globally.
The President also emphasized that the Philippines' relationship with the United States is in the “front and center,” given recent concerns about security and defense.
"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," said Marcos.
Additionally, he called on American firms to invest more in the country, highlighting the Philippines' attractive investment atmosphere.
"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 added.
Furthermore, he touched on advancing digital transformation and improving the competitiveness of the semiconductor and electronics sector.
Marcos also stated that the country has good potential in exporting solar and photovoltaic-related products as many countries work towards complying with their decarbonization targets.
"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.
