Global Infrastructure asks for tariff protection

Global Infrastructure asks for tariff protection

Recent news in the market report that winning bidder of National Steel Corporation (NSC), Global Infrastructure Holdings Ltd (GIHL) has asked the government for a tariff protection. According to the sources, GIHL has notified Trade Secretary Cesar Purisima about its request for an implementation of tariffs on imported steel products. In return for this, Trade Secretary is reported be in negotiations with related personalities. GIHL offered PhP (Philippine Peso) 12.25 billion ($222 million) for the assets of NSC and came out as the winner of the auction, as previously reported by SteelOrbis. GIHL's request for a tariff protection is discussed among downstream steel companies, local producers and Federation of Philippine Industries (FPI) as the imposition of tariff protection for NSC will cause hike in the cost of imported steel products.