MAP: EU sanction to hurt economy
Such sanction will increase the number of the unemployed among our countrymen at the time when they most need jobs
The Management Association of the Philippines (MAP) aired its concern on the imminent revocation of the Philippine export tariff incentives by the European Union (EU), saying such sanction will seriously hurt many enterprises, especially in this trying times.
MAP president Francis Lim said they are hoping that the removal of the Generalized Scheme of Preferences Plus (GSP+) by the EU countries will not materialize.
“It will make our products less competitive and will seriously impact several industries. Such sanction will increase the number of the unemployed among our countrymen at the time when they most need jobs,” Lim said in a statement sent to the Daily Tribune.
Last week, the EU Parliament voted overwhelmingly 626 against seven, with 52 abstentions, to approve a resolution to remove the Philippines’ trade benefits, due to the “seriousness of the human rights violations in the country.”
Lim noted that the Philippine economy is at stake if the EU will continue to impose its sanction.
“Our economy will suffer more damage, especially given the contraction we are already experiencing with the pandemic,” Lim said, as he calls on the government “not to take the matter lightly for the sake of our people.”
“We hope it will be discussed and addressed by both parties in a mutually satisfactory manner,” Lim noted, who heads 1,051 MAP members.
MAP is a 70-year old management organization whose members represent a cross-section of CEO, COO and other top management practitioners from the largest local and multinational companies operating in the Philippines.
Just recently, the European Chamber of Commerce of the Philippines also aired uncertainty, as the mulled sanction will aggravate the situation for the low-income sectors, its members, and the country’s economic situation.
While the Philippine Exporters Confederation, Inc. also raised alarm as the looming sanction might affect up to 20 percent of its exports to the EU, including the industries on coconut, marine products, semiconductors, leather goods and tuna.
Our economy will suffer more damage, especially given the contraction we are already experiencing with the pandemic.
The GSP+ status privilege of the Philippines was enjoyed by 6,274 locally-made products, including those manufactured by the micro, small and medium enterprises.
THE Philippine Exporters Confederation Inc. raised apprehensions as the looming sanction might affect up to 20 percent of its exports to the European Union, which include local industries on coconut, marine products, semiconductors, leather goods and tuna.