PH teams up with Thailand, Vietnam for GSP renewal bid

The Philippines is working with fellow Asean countries Thailand and Vietnam in lobbying with US Congress for the renewal of the Generalized System of Preferences (GSP).

Philippine ambassador to the US Jose Manuel Romualdez told the Kapihan sa Manila Bay yesterday while the country has been assured by the US Department of Commerce of the continuation of GSP, it is working closely with US Congress to have a law renewing the scheme passed.

The Philippines is the fifth largest beneficiary of the US GSP which allowed about $1.6 billion worth of exports enter duty-free in 2020, the last year when the GSP was in effect.

The GSP program expired on Dec. 31, 2020 despite legislative efforts to renew the program.

Several bills have been proposed in the US 117th Congress to reauthorize the scheme.

Philippine exports to US under GSP in 2020 represented 10…