Safeguard duties protect local jobs – DTI

The Department of Trade and Industry stressed the imposition of safeguard duties on vehicle imports is intended to protect local employment.

Trade Secretary Ramon Lopez said, “Safeguard duty is definitely meant to help and boost local manufacturing revival efforts and meant to protect local jobs in the manufacturing of cars and light commercial vehicles.”

The DTI announced the imposition of safeguard duties in the form of a cash bond amounting to 70,000 pesos for every imported passenger car and 110,000 pesos for every imported LCV. It found in its evaluation of a petition from labor group Philippine Metalworkers’ Alliance that increased vehicle imports caused serious injury to the domestic industry.

The safeguard duties would be in effect for 200 days from the issuance of a Bureau of Customs order, and while the case is under formal investigation by the Tariff Commission to find out if the measure should be in place for a much longer period.

Source: https://www.philstar.com/business/2021/01/08/2068878/safeguard-duties-protect-local-jobs-dti

Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.