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The tax, starting at 3,345 pesos ($73) per tonne on the first year of imposition, will be reduced by 5% annually over the next three years, according to local reports over the weekend, citing an order issued on July 16 by the country’s Department of Trade and Industry (DTI).
The DTI could not be reached to confirm the details, but Roberto Cola, president of the Philippine Iron and Steel Institute, confirmed the ruling to Steel First on Monday August 3.
The safeguarding measure was first implemented in 2009 and expired in March 2015. The duty was meant to give more time to the local steel industry to put in place its adjustment plan in order to effectively face import competition.
The tariff commission’s recommendation followed an investigation covering the period from 2011 into the first half of 2014 on the back of a petition lodged by the Steel Angles, Shapes & Section Manufacturers Assn of the Philippines (SASSMAPI).
The products affected are those classified under AHTN 2012/2007 heading numbers 7216.21.00 and 7216.50.10.