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LOOK: Proposed Philippines-US Free Trade Agreement to Create Millions of Jobs for Filipinos

Secretary of the Department of Trade and Industry, Secretary Ramon Lopez said on Thursday that a proposed free trade agreement between the Philippines and the United States has the potential to create millions of jobs for Filipinos nationwide particularly in the manufacturing sector.

Veteran real-estate businessman who became the most powerful man in the United States, US President Donald Trump welcomed the free trade agreement between the Philippines and the US during his recent visit to the country for meetings with Asia-Pacific leaders, Lopez revealed during an interview with ANC's Headstart.

According to Secretary Lopez, the wearable manufacturing industry in the Philippines currently employs 300,000 workers, 15 times smaller than neighboring Vietnam, with whom the United States has a bilateral trade agreement.

The Trade Secretary also noted that a mere discussions for a free trade pact along would invite foreign investors to locate in the Philippines for a chance to export to the US without tariffs, Lopez said.

Secretary Lopez was quoted as saying "More investments, more jobs in the countryside, outside Metro Manila. The beauty of starting discussing FTA, it really attracts a lot of investments," he said.

Philippine travel goods were included in the expanded US General System of Preferences (GSP) scheme, which allows for the duty-free entry of these products into the US market, but Lopez said this only accounts for about over 40 percent of the total tariff lines of the US.

Source: ANC

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