THE government has removed the tariff on imported steel, asphalt, crude oil and petroleum products.
President Arroyo issued Executive Order 890 on June 10, setting a uniform zero tariff on imported crude oil and refined petroleum products from member-states of the Association of Southeast Asian Nations (ASEAN) and outside ASEAN.
“The elimination of three percent rates of duty on said products imported from non-ASEAN countries will address the tariff distortion,” the EO said.
The decision to remove the tariff on the said products was reached during the May 25 meeting of the National Economic Development Authority Board.
Mrs. Arroyo also signed the executive order that will effectively reduce the price of steel products by removing the tariff on imported hot rolled coils (HRC) and cold rolled coils (CRC).
Despite the efforts of Global Steel Philippines Inc. (GSPI) to defer it, the law was signed last June 22 as Executive Order 898. (PIA-Bohol)