The Department of Trade and Industry (DTI) assured local industries on Friday that measures are in place to protect them from a possible surge in imports as the operationalization of tariff commitments under the Regional Comprehensive Economic Partnership (RCEP) takes effect.
The Philippines' participation in the mega-free trade deal began on Friday, June 2, 60 days after the government submitted its instrument of ratification in April.
"One big concern of local producers is the competition with imported products coming into our country. But, when imported products reach a point where the volume and value are too large and the increase is too swift and it threatens local producers, we have what we call a trade remedy," the DTI official said.
Trade Secretary Alfredo Pascual said that safeguard duties are only applicable to imported products that might threaten local producers.The RCEP took effect on January 1, 2022, after the ASEAN Secretariat received the instruments of ratification or acceptance from six ASEAN-member states—Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam—as well as from four non-ASEAN signatories—Australia, China, Japan, and New Zealand.
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