EU Commission says Philippines should wait for new GSP+ scheme
MANILA, Philippines — The European Commission’s trade chief told the Department of Trade and Industry to wait for the results of ongoing deliberations surrounding the finalization of regulations of the new Generalized Scheme of Preferences.
That was the response given by Valdis Dombrovskis when DTI Sec. Alfredo Pascual stressed the need for GSP regulation in a meeting in Brussels, Belgium on Monday.
Pascual said that the regulation gave “business certainty” to Filipino exporters and EU importers.
The Philippines’ participation in the EU GSP+ scheme yielded exports of locally-made products totalling €2.93 billion in 2022.
Those products were exported under GSP+ rates that churned a 77% utilization rate, which the DTI claimed was the highest tallied by the Philippines.
The trade department said in February that 26% of the country’s exports depend on the EU GSP Plus scheme.
“The continuation of the EU GSP+ is beneficial both for the Philippines and the EU in driving inclusive growth and sustainable development,” Pascual said. — Ramon Royandoyan
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