GSP+ to spur inclusive growth

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The Department of Trade and Industry (DTI) is confident that the European Union’s (EU) new Generalized System of Preferences (GSP) scheme or GSP+ will help the government attain inclusive growth in the Philippines. During a recent forum on this new scheme, DTI Undersecretary Adrian S. Cristobal Jr. said that the Department’s program to maximize the utilization of the GSP+ is expected to create about 200,000 jobs in rural areas. Also, data presented by Philippine Trade and Investment Center in Brussels Commercial Counselor Zafrullah G. Masahud, show that Philippine exports under GSP are expected to increase by 10.77 percent or €491 million in the first year of the GSP+ implementation. The products that are expected to significantly benefit from the implementation are animal or vegetable fats and by-products (e.g. coconut oil), prepared foodstuffs (e.g. prepared pasta, cashew nuts), textiles and textile articles (e.g. T-shirts, shawls, life jackets), footwear (e.g. footwear with non-applied soles), and vehicles (e.g. bicycles and parts).

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