Philippines’ Department of Trade and Industry Undersecretary for Communications and Legislative Affairs Maria Blanca Kim Bernardo-Lokin highlighted the benefits acquired by the country from a strengthened PH-EU bilateral relations, during the EU-Philippines Business Dialogue on May 25, 2023 at Dust Thani Hotel in Makati.
She delivered the keynote message on behalf of DTI Secretary Alfredo Pascual, who is currently attending the Asia Pacific Economic Cooperation Ministers Responsible for Trade (APEC-MRT) Meeting in Detroit, Michigan.
“The Philippines has enjoyed trade concessions from the European Union via the Generalised System of Preferences Plus. The EU GSP+ was extended to the Philippine exports in 2014, resulting in substantial export growth. In 2021, total exports to the EU reached EUR7.7 billion, with EUR2.7 billion eligible for GSP+,” she said.
She added, “Utilizing GSP+ preferences for EUR2.0 billion of exports, the Philippines achieved a 76% utilization rate, marking an all-time high and a 12-percentage-point increase from 2015.”
Likewise, she mentioned discussions regarding renewal are already underway as the country’s GSP+ expires at the end of 2023.
Recently, Swedish Minister for International Development and Cooperation and Foreign Trade Johan Forssell and the EU-ASEAN Business Advisory Council (EU-ABC) expressed support for the renewal of the GSP+. Its renewal is set to deliver a win-win outcomes for both the Philippines and the European business community.
Undersecretary Lokin also pointed out the Philippine-European Free Trade Association Free Trade Agreement (PH-EFTA FTA) has significantly contributed to the growth of the country’s exports. From 2018 to 2021, Philippine exports to EFTA grew by 46%, which resulted in trade surpluses after the FTA’s implementation.
The EU-PH Business Dialogue is an event organized by the European Chamber of Commerce of the Philippines (ECCP) and the EU-ASEAN Business Council (EU-ABC). It showcased a series of high-level discussions centered on how the Philippines can further promote itself as an investment destination.
The event was also attended by EU Ambassador to the Philippines Luc Veron, Special Assistant to the President Antonio Ernesto Lagdameo Jr., Executive Secretary Justice Lucas P. Bersamin, Finance Secretary Benjamin Diokno, ECCP President Lars Wittig, and other private and public sector representatives.Â
