MANILA, Philippines - Malacañang thanked the European Union yesterday for lifting the tariffs on 6,274 products exported to the EU for a period of 10 years.
President Aquino and the members of his delegation personally lobbied for the approval of the Philippines’ application to qualify for EU Generalized System of Preferences Plus (GSP+) status when he visited several European countries last September.
The EU Parliament approved the zero duty for more Philippine products during its plenary meeting on Dec. 18. The Philippines can start enjoying its EU status by Dec. 25.
“This is quite a nice Christmas gift for the Philippines,” EU Ambassador to the Philippines Guy Ledoux said in a press conference Friday.
Presidential spokesman Edwin Lacierda said the EU decision was certainly a welcome development the country.
“It will open up trade with the EU and this is a big opportunity for our businessmen in the Philippines, for our products,” Lacierda said.
He said new markets would open and the investment opportunities would serve both the Philippines and the EU.
“So we certainly welcome and we thank the EU for allowing us to have a greater opportunity for trade and exchange with them. And we see this as a positive development and, again, an affirmation of the changes that have been happening in the country,” Lacierda said.
Before the approval of its application for EU GSP+ status, the Philippines was a beneficiary of the regular GSP program covering 6,209 products, with 2,442 products subject to zero duty and the rest, subject with lower tariffs.
Trade Secretary Gregory Domingo said the EU GSP+ would allow the country to increase its exports to the EU by 611.8 million euros and create more than 200,000 new jobs in the first three years of implementation of the program.
“It really depends on how fast we can train people,” he said.