{
    "success": true,
    "data": {
        "id": 1003177,
        "msgid": "philippines-urged-to-lower-tariffs-1447893297",
        "date": "1994-11-07 00:00:00",
        "title": "Philippines urged to lower tariffs",
        "author": null,
        "source": "AFP",
        "tags": null,
        "topic": null,
        "summary": "Philippines urged to lower tariffs MANILA (AFP): The Philippines should lower its tariffs even before the other members of the Association of Southeast Asian Nations (ASEAN) to force its industries to be more competitive, Economic Planning Secretary Cielito Habito said here. Habito also said the fall in the inflation rate to 7.8 percent in October would enable the Philippines to ask the International Monetary Fund (IMF) for a more relaxed monetary program in future negotiations.",
        "content": "<p>Philippines urged to lower tariffs<\/p>\n<p>MANILA (AFP): The Philippines should lower its tariffs even<br>\nbefore the other members of the Association of Southeast Asian<br>\nNations (ASEAN) to force its industries to be more competitive,<br>\nEconomic Planning Secretary Cielito Habito said here.<\/p>\n<p>Habito also said the fall in the inflation rate to 7.8 percent<br>\nin October would enable the Philippines to ask the International<br>\nMonetary Fund (IMF) for a more relaxed monetary program in future<br>\nnegotiations.<\/p>\n<p>Speaking before a forum of local industrialists, Habito said<br>\nFriday he foresaw the country's present four-tiered tariff<br>\nstructure, ranging from three to 30 percent, being replaced by<br>\nuniform tariffs of three and 10 percent by the year 2003.<\/p>\n<p>\"The faster we are able to go down to a lower rate, the faster<br>\nwe are able to reach better cost-effectiveness and the faster we<br>\ncan be more competitive than our ASEAN neighbors,\" he told<br>\nbusinessmen.<\/p>\n<p>Under the existing ASEAN Free Trade Area (AFTA) program,<br>\nASEAN, which includes Brunei, Indonesia, Malaysia, Singapore,<br>\nThailand and the Philippines, will gradually lower their tariffs<br>\nuntil they have a free trade zone between them by the year 2008.<\/p>\n<p>He expressed confidence that Philippine products could become<br>\nmore competitive than those of their neighbors even if the<br>\nprotection they received from tariffs was reduced.<\/p>\n<p>At the same forum, Habito said the country's success in<br>\nbringing its inflation rate down to 7.8 percent in October from<br>\n8.6 percent in September showed that it \"need not be taken to<br>\ntask for having exceeded monetary targets.\"<\/p>\n<p>He was referring to the country's failure to stay within<br>\nceilings imposed by the IMF as part of a three-year, US$684-<br>\nmillion credit program it sealed with Manila this year.<\/p>\n<p>\"Experience has demonstrated that even after exceeding<br>\nmonetary targets, we are still able to bring down inflation so we<br>\ncan still proceed with a lax monetary program,\" Habito said.<\/p>\n<p>The IMF has been pressing the Philippines to implement reforms<br>\naimed at reducing inflation by lowering the money supply and<br>\nshrinking the deficit but the Finance Department admitted this<br>\nweek, it was seeking the postponement of some of the reforms<br>\nincluding new taxes and deregulation of oil prices.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/philippines-urged-to-lower-tariffs-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}