The Philippines government has announced that it has decided to remove the import duty on billet effective from June 17.
The existing import duty stands at three percent for the countries in the Philippines’ Most Favored Nations (MFN) tariff schedule, such as Turkey, Russia and Ukraine. Only products from the Association of Southeast Asian Nations (ASEAN) region and some nations with which ASEAN has free trade agreements, like China and South Korea, are exempt from the mentioned import duty.