Phl exporters hoping for renewal of US GSP

Philippine exports of hard goods and garments are expected to remain flat at around $900 million this year, but industry players are hoping for a boost if the United States renews its trade preference program and starts negotiations for a bilateral free trade agreement (FTA).

- LOUELLA DESIDERIO

Robert Young, president of the Foreign Buyers Association of the Philippines (FOBAP) and trustee of the Philippine Exporters Confederation Inc. (Philexport) for the textile, yarn and fabric sector said that if the US Generalized System of Preferences (GSP) is not reauthorized, "we will just be flat, we will just survive." He said sales from garments exports could go even lower because the country can no longer supply buyers with the required quantity due to prices.

"Everybody is in a waiting game because of (the leadership of new US President Donald) Trump," he said.

If the US revives the US GSP, he said export revenues may increase by five to 10 percent this year, especially from hard goods.

The US GSP, which expired in 2020, allowed the duty-free entry of products to the US coming from 122 designated beneficiary countries and territories, including the Philippines.