October 11, 2008

Philippines to impose 7% tariff on steel

It is reported that Philippines Bureau of Customs is set to impose 7% tariff on imported steel products from 3% anytime now following the go ahead signal by Mr Margarito Teves finance secretary of Manila.

Mr Peter B Favila trade and industry secretary of Philippines said that the department of finance is ready to implement the higher tariffs on steel following his recommendation. He said that "Based on my conversation with Secretary Teves he already instructed the Bureau of Customs to issue a memorandum order to implement the higher tariff on steel products so I guess it will be implemented anytime now. The issuance of the memorandum order is to make sure that shipments in transit are not affected.”

Adjusting tariffs on imported steel products from 3% to 7% was provided for under Executive Order 375, which says that once Global Steel Philippines Inc goes on full commercial operations, tariffs on steel must revert to 7% from 3% as a protection to the local steel manufacturer against cheap imports.