The AISP is a scheme that would grant preferential tariff rates for goods coming from ASEAN countries, including new members Cambodia, Laos, Myanmar and Vietnam.
The Philippines is being urged by its ASEAN neighbors to come up with a list of goods and products which will be covered by the AISP especially since most of the other ASEAN members have already submitted their respective lists.
The government had expressed its apprehension over the AISP as this may be subject to abuse, especially by some importers who may only use some of the ASEAN-member countries as transshipment points.
Under the rule of the AISP, tariff rates for ASEAN members will be brought down to zero by 2010 for the six original members namely Singapore, Brunei, Indonesia, Malaysia, Thailand, and the Philippines.
For new members, namely Cambodia, Laos, Myanmar and Vietnam, they will be allowed a lag time up to 2018 before they eventually bring down their own tariff rates to zero.
The Philippines was singled out during the last Senior Economic Official Ministers (SEOM) meeting in Bangkok for not yet submitting its list of products to be included in the AISP.