Philippines DTI considers lifting steel tariffs due to rising prices

Philippines DTI considers lifting steel tariffs due to rising prices

Philippines Department of Trade and Industry (DTI) is reportedly planning to lift steel tariffs to keep prices of canned goods down. According to the statement made by DTI, the duties on imported steel products may be reduced or completely removed due to rising prices. The proposal is still being discussed, however it is stated that the proposal will take effect if the prices of key products such as canned goods increase beyond affordable levels. The tariffs on steel products have caused prices of tin cans to increase in Philippines domestic market. As previously reported by SteelOrbis, the Philippines government increased the tariffs upon the request of Global Infrastructure Holdings Ltd (GIHL) for tariff protection for National Steel Corp (NSC). It is reported that DTI's recent proposal has been welcomed by Philippines steel industry as it will probably result in reduction in costs of canned goods.