Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Plastics importers call for review of safeguard measures ruling on polyethylene product 

by
July 4, 2022
in Investing News
0
Plastics importers call for review of safeguard measures ruling on polyethylene product 
0
SHARES
10
VIEWS
Share on FacebookShare on Twitter
HTTPS://JGSPETROCHEM.COM/

IMPORTERS of plastics raw materials called on the Tariff Commission (TC) to review its recommendation to impose safeguard duties on high-density polyethylene (HDPE) imports, saying the decision unduly benefits a domestic producer.

The Philippine Plastics Industry Association, Inc. (PPIA), in a statement on  Monday, “implored” the commission to “reconsider its position” and asked the Department of Trade and Industry (DTI) “not impose safeguard duties on HDPE resin.”

“To extend protection to benefit a sole producer, at the expense of the downstream manufacturing industry dominated by micro, small, and medium enterprises (MSMEs) and employing hundreds and thousands of Filipinos, increase the cost of packaging materials and plastic products and add to the increasing inflation… will also result in tariff distortion (in which) cheaper imported finished products will continue to proliferate,” it added.

The commission said in a final report dated June 27 that it recommends the imposition of an ad valorem safeguard duty of 2% on imported HDPE pellets and granules for three years.

HDPE resin is used in consumer and industrial packaging.

According to the report, the commission found the “existence of a causal link between the imminent threat of serious injury to the local HDPE industry in the near future and increased imports of HDPE.”

The TC’s investigation on the safeguard measures for HDPE imports began last year following a petition from the petrochemical industry, represented by JG Summit Olefins Corp. The company is the sole domestic producer of HDPE.

“To grant safeguard for a period of three years to benefit a single entity for the imminent occurrence of serious injury despite clear evidence of (the company) posting a healthy net income during the investigation period and embarking on expansion programs is not fair to the downstream industry, (which is) expected to suffer from any decision favoring the request,” the PPIA said.

The commission’s recommendation on HDPE has been forwarded to the DTI.

The implementing rules and regulations of Republic Act 8800 or the Safeguard Measures Act gives the Trade Secretary within 15 calendar days from receipt of the report to rule on the recommendation.

BusinessWorld asked the commission to comment on the PPIA statement but it had not replied at the deadline. — Revin Mikhael D. Ochave 

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
DTI’s Pascual calls on subordinates to improve internal information-sharing 

DTI’s Pascual calls on subordinates to improve internal information-sharing 

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Philippine Realty and Holdings Corp. to conduct annual stockholders’ meeting on June 30

Philippine Realty and Holdings Corp. to conduct annual stockholders’ meeting on June 30

June 9, 2022
Art marketplace Artfinder raises £443,000 through crowdfunding

Art marketplace Artfinder raises £443,000 through crowdfunding

June 8, 2022
Religious group denounces terrorist financing raps against its members 

Religious group denounces terrorist financing raps against its members 

August 18, 2022
5 ways to improve work-life balance in distributed teams

5 ways to improve work-life balance in distributed teams

July 13, 2022
Unite confirms Royal Mail manager strike from 20 July

Unite confirms Royal Mail manager strike from 20 July

July 6, 2022
Revilla files bill giving gov’t 5% cut of movie theater gross income

Revilla files bill giving gov’t 5% cut of movie theater gross income

July 13, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.