Thank you, EU!

WITH all the challenges facing the Philippines in 2014, we should be grateful for the recent grant by the European Union (EU) parliament of GSP+ status to our country. The timing is good and very strategic what with Asean integration targeted to begin in 2015. The act of the EU parliament uniquely positioned the Philippines as the only beneficiary country of the EU GSP+ program in Asean.

Clearly “with the GSP+ in place, Philippine exporters will have better access and comparative advantage in the EU market.” In turn, “foreign investors are expected to turn their attention to the Philippines and consider the country as their manufacturing hub for the Asean region.” These developments augur well for the Aquino administration and succeeding leaderships for they opens doors to a much bigger single market of 28 countries, 500 million affluent consumers. EU gives premium to building a zone of peace, installing rule of law, promoting two-sided trade (as opposed to one-sided), and nurturing resilient communities.