The Philippines government on May 25 approved the removal of the seven percent tariff on HRC and CRC imports in order to stabilize supply and lower prices of these products in the domestic market, local press reports have said.
The decision was taken at a National Economic and Development Authority (NEDA) Board meeting in Pampanga, the reports said, adding that the removal of import duty is only temporary as it will revert back to seven percent once the country's largest steelmaker Global Steel Philippines Inc. (GSPI) goes back into full commercial operation.