U.S. renews GSP to Manila

U.S. renews GSP to Manila

MANILA (AFP): The United States has extended for another year a system of giving preferential treatment for certain Philippine exports, the trade department here said yesterday.

A trade department statement said the Philippines' status as a recipient of the generalized system of preference (GSP) is retroactive May 31, 1997 and will last until June 1998.

About 20 percent of the country's exports to the United States, worth an estimated US$1.4 billion, enjoy tariff-free privileges under the system.

These items include garments, cane sugar, raw sugar, ignition wiring sets, metal and wooden furniture and cordless handset telephones.

The United States grants GSP privilege to about 140 developing countries.