Suites Eucaliptus – Top World Finance News

Main Menu

  • Electronic Trading System
  • Lost Decade
  • Made to Measure Tariff
  • United Nations
  • Fund

Suites Eucaliptus – Top World Finance News

Header Banner

Suites Eucaliptus – Top World Finance News

  • Electronic Trading System
  • Lost Decade
  • Made to Measure Tariff
  • United Nations
  • Fund
Made to Measure Tariff
Home›Made to Measure Tariff›Steel sector can compete without guarantees, says Tariff Commission

Steel sector can compete without guarantees, says Tariff Commission

By Guadalupe Luera
May 23, 2021
0
0

The PHILIPPINE steel industry has adapted to import competition after the end of a decade of imposing safeguard duties on angles, according to the Tariff Commission.

Safeguard measures on steel angles were extended until 2019 after the local industry reported serious injury caused by import competition under Republic Law 8800 or the Law of the Republic of safeguard measures.

The commission assessed the performance of the local industry in executing a plan to help it adapt to external pressures while safeguard obligations were still in place.

“Actions taken by the steel angle industry to improve production efficiency and increase production have been effective,” the agency said in an April report. “The domestic industry has reached a level of efficiency that will allow it to compete successfully with imports after the end of the safeguard measure.”

Local producers have more than doubled to reach 21 this year against 10 in 2009.

The Tariff Commission said the local industry maintained a dominant position in the market and increased production and sales, generating 5.8 billion pesos in average annual sales from 2014 to 2019.

“If no safeguard duty had been imposed, the domestic industry would not have been able to easily invest in the implementation of efficiency measures, and it would have continued to produce at relatively higher prices. “, did he declare.

He added that a narrower price gap between imported steel angles and locally produced steel angle bars showed a successful adjustment to the competition.

Jose Salvador Rivera, Jr., who advocated for the petitioners – Cathay Metal Corp., Dragon Asia Rolling Mills, Inc. and Lunar Steel Corp. – said in February that guarantees should not be extended after the industry shows financial growth.

But Ramon Tan, president of an industry segment, Philippine Steel Corner, Form and Section Manufacturers, Inc., said the duties would protect them while unregistered angles continue to enter. in the country.

In its report, the Tariff Commission said local industry must continue to maintain its competitiveness amid a coronavirus pandemic to avoid wasting the gains made over the past decade.

“It is also imperative that the government do its part, creating the conditions that will lead to a more stable and predictable business environment and promote the ease of doing business in the new normal environment,” he added. – Jenina P. Ibañez

Related posts:

  1. Biden Admin trade deal suspends 25% tariffs on Scotch whiskey
  2. What to Expect from the EU-UK Trade and Cooperation Agreement in the Future
  3. Google to Pace ​​Up Chrome’s Launch Cycle to 4 Weeks, Telecom Information, ET Telecom
  4. Mail.ru expects 2021 income to succeed in $ 1.75 billion after COVID catalyst, Telecom Information, ET Telecom
Tagscoronavirus pandemic

Categories

  • Electronic Trading System
  • Fund
  • Lost Decade
  • Made to Measure Tariff
  • United Nations

Recent Posts

  • Contrast Japan Airlines (OTCMKTS:JAPSY) and Alps Alpine (OTCMKTS:APELY)
  • United States. Concrete actions are needed to “eradicate the scourge of racism” – UN expert |
  • The mystery of the missing 1745 Bible and other rare books at Moravian University – The Morning Call
  • Toronto retailers forced to close during downtown power outage
  • Asian stocks fall ahead of US inflation
  • Terms and Conditions
  • Privacy Policy