Here we go again with the perceived challenges related to the tariffs of Trump-led America. This time around the secretary of the Department of Trade and Industry (DTI) pointed to the Trump tariffs which she said raised the risk of products from Asian neighbors getting dumped into the Philippines and potentially harm local industries, according to news article by the Philippine News Agency (PNA).
For the newcomers reading this, the Trump administration had set a series of tariff rates for different nations in Asia. American tariff on Philippines-made products was set at 19% after the big meeting between US President Trump and Philippine President Ferdinand “Bongbong” Marcos, Jr.
It is a known fact that many nations in Asia export their products to the United States but with the new tariffs in effect and the fact that the Philippines has a population of more than one hundred million people, the latter is anticipated to become the dumping ground of Asian products. This development is happening just as the economy of the Philippines will grow by less than 6% this year (click here, here and here). Recently, the US State Department published a report about pervasive corruption being a barrier to investment in the Philippines.
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
The recent increase in the United States’ tariff rates heightened the risk of Asian goods being dumped into the Philippine market, raising the need for more stringent measures to protect local industries, Department of Trade and Industry (DTI) Secretary Cristina Roque said Wednesday.
Roque, in an interview on the sidelines of the Federation of Philippine Industries Inc. Business Summit in Makati City, said they expect increased entry of steel, cement, and garments, among others.
She traced this to the attractiveness of the Philippines as a market, given the country’s large population of over 100 million. She said DTI will work closely with the Bureau of Customs (BOC) to ensure that only registered and properly taxed goods enter the country.
The DTI will also coordinate with local industries to prevent the continued spread of unregistered products in the market.
On Tuesday, personnel from DTI’s Fair Trade Enforcement Bureau seized around PHP2 million worth of substandard construction materials from 24 retailers in Central Luzon as it strengthened its drive against uncertified and unsafe products in the market.
“We need to protect the manufacturing industry of the Philippines. So us, being in government, and us making sure we protect the jobs of the people,” she said.
Roque also noted that although investments continue to pour in, the volume is not what they had expected, thus, the need to boost local industries.
“So, we try to help them resolve whatever issues they have. And then we also at least help them strengthen or level up their businesses,” she explained.
Let me end this post by asking you readers: What is your reaction to this development? Do you think it is only a matter of time before a massive amount of Asian products (originally made for export to America) will arrive in the markets of the Philippines very soon? Did you notice any unregistered or sub-par quality products from overseas already being sold locally? What do you think can the DTI do to protect the local industries and livelihood of many Filipinos?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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