The Philippines already enjoyed benefits from the European Union's GSP, wherein 2,442 products out of 6,209 are subject to zero duty while the rest have lower tariffs. But with the European Parliament completing the process to grant the Philippines request for inclusion in the European Union’s (EU) General System of Preferences Plus (GSP+). The Philippines can now export 6,200 tariff lines, including textiles

EU Ambassador to the Philippines Guy Ledoux said that the development will bring tariffs to 0% for two-thirds of tariff lines, including strategic products the country is already exporting to the region.

This will immediately translate into savings of tens of millions of euros per year in foregone customs duties.

It's a Merry Christmas for the Philippine manufacturing and agriculture sectors as the sectors are expected to benefit most out of the recent decision of the European Union (EU) to include the country in its list of zero-tariff exports, according to business groups.

Philippine Chamber of Commerce and Industry (PCCI) president Alfredo Yao said that there are some non-tariff issues they have to thresh out. Like in the agriculture side, the EU requires a lot of certifications but they don't have existing laboratories or facilities for that.

In 2013, Philippine exports to the EU eligible under GSP were valued at 1.69 billion euros, or 33 percent of total exports to that area last year. But with the inclusion in GSP+, the value of exports is set to further increase.