Philippines government to increase duties on imported steel products

Philippines government to increase duties on imported steel products

As previously reported by SteelOrbis, Global Steelworks International Inc (GSII), a unit of Global Infrastructure Holdings Inc (GIHL) requested Department of Trade and Industry (DTI) to increase duties on imported steel products as it needs time to enhance National Steel Corporation (NSC) and make it competitive. It is reported that the duties are increased upon the request of GSII. The new rates were approved yesterday by the Cabinet-level Committee on Tariffs and Related Matters. According to the new decree, the new rate will be applied on hot rolled coil and cold rolled coils, which are currently subject to a duty of 3%. Moreover, duty on tinplates imported from ASEAN countries will remain at 0% and the same product imported from non-ASEAN countries will remain at 3%.