ASEAN KEY DESTINATIONS
Philippines reviews tariff cuts
She said the Department of Finance has instructed the Tariff and Related Matters committee to determine whether the tariff cuts were necessary.
"There should be a net benefit. The foregone revenues should translate to lower prices for consumers," Maglaya said.
Before she stepped down Malacanang, then President Gloria Macapagal-Arroyo signed executive orders (EOs) slashing to zero the duties on steel (cold rolled coil and hot rolled coil) and various petroleum products.
The tariffs on mixed alkylbenzene and mixed alkylnaphthalenes (soap ingredients) as well as polyamides or nylon (used in making fishing nets and toothbrushes) were reduced to a percent.
Maglaya said the DTI would likely recommend the extension of zero tariff on wheat and cement to temper the respective prices of flour and of the construction material.
The six-month orders slapping zero import duties on these goods lapsed last month.
Domestic flour prices went up by about a tenth last month because of then rising global wheat prices, but Maglaya said the DTI has received reports that prices are stabilizing following rains in Russia.
Russia, one of the world's top wheat exporters, has banned grain exports to secure its domestic demand amid a drought and wildfires that damaged crops.
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