Exports to the European Union under the Generalized System of Preferences Plus (EU-GSP+) increased 27 percent in 2015, the Trade Department said Friday.
“The country’s beneficiary status under the EU-GSP+ is a result of what was a fruitful collaboration among government, the private and labor sectors and industries. We urge local businesses to continue expanding their market presence and establish a stronger foothold in the EU market,” said Trade Scretary Adrian Cristobal.
Under the EU-GSP+, the Philippines can export 6,274 eligible products duty-free access to the EU market after receiving a beneficiary country status in December 2014.
The Philippines was earlier covered by the regular EU-GSP, which provided zero duty to only 2,442 products and reduced tariffs on 3,767 products.
Total exports to EU under the GSP+ amounted to €743 million in the first six months of 2015, compared with shipments of €584 million in the previous year under the previous GSP arrangement.