Extension of zero-tariff importation of milled wheat OK'd
MANILA, Philippines - President Arroyo has approved the extension of zero-tariff importation of milled wheat and cement for another six months to prevent prices of the commodities from surging.
Trade Secretary Peter Favila said the extension is effective retroactively from mid-January when Executive Orders 818 and 819 - which scrapped import duties on milled wheat and cement - expired.
This is the second extension made by the Palace on the two products following the recommendation of the Committee on Tariff and Related Matters (CTRM).
Milled wheat imported from member-states of the Association of Southeast Asian Nations (ASEAN) was levied three percent import tax, while imports outside ASEAN was levied five percent import tax.
Favila said the Department of Finance had reservations on the extension of zero import duties but it eventually decided that the adverse impact would be minimal.
He said the extension is expected to stabilize the prices of flour and bread.
He added the government continues to run after retailers and manufacturers selling overpriced cement.
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