Business

DTI eyes additional tariff on goods

DTI eyes additional tariff on goods

MANILA, Philippines — The Department of Trade and Industry (DTI) is considering imposing tariff on goods to help raise revenue for government.

Trade Secretary Ramon Lopez, in an interview with ANC yesterday, said the agency is studying imposition of tariffs on products to raise funds.

“If at all, it would be a minimal tariff just to raise funds. It’s under study right now. It’s not for protectionism. It is simply to raise some revenues for government,” he said.

Asked what specific imports would be slapped with a tariff, he said in a Viber message to reporters, it would apply to all products.

“In principle, all products to avoid any protectionism angle. Only for revenue generation purpose,” he said.

The move is being studied at a time the country is grappling with the coronavirus disease 2019 or COVID-19 pandemic.

Apart from imposition of tariff, the DTI is also proposing to make it a policy to have contractors of projects under the Build Build Build (BBB) use locally made inputs.

He said the proposal is intended to help stimulate demand for locally made products.

As locally manufactured products are being pushed, he said quality standards would have to be met.

As part of its responsibility, DTI ensures manufacturers comply with standards and products being sold in the market are safe for use through the conduct of tests.

He said many local manufacturers are complying with the product standards set by government.