Philippines: Gov't Retains Safeguard Duty On Glass Imports

Business.inq7.net reported that the Department of Trade and Industry has extended by three years the general safeguard measure against imported float glass, saying the local industry needs more time to adjust to become competitive.

First imposed in 2004, the measure was in response to a petition of Asahi Glass Philippines Inc.

The company sought the extension.

According to an order signed by Trade and Industry Secretary Peter Favila on Nov. 6, the three-year extension was in view of external factors that affected the cost competitiveness of the local industry, including increases in costs of power, fuel and transport, and China’s massive import demand that pushed up prices of most commodities.

The order set the definitive safeguard duties -- to be paid on top of normal tariffs -- at P5,016 per metric ton for tinted float glass and P3,971 per metric ton for clear float glass for the first year.

The rates are subject to annual review for the purpose of reducing them, as provided in the implementing rules of the Safeguard Measures Act.

Float glass shipments from South Korea, Malaysia and Vietnam were added to the list because imports from each of these countries had been exceeding certain benchmarks, the department said.

Read the entire news on the source link below.

600450 Philippines: Gov't Retains Safeguard Duty On Glass Imports glassonweb.com

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