RP won't seek tariff concessions: Roxas<\/p>\n
MANILA (CNI): The Philippines will not ask the Association of
\nSoutheast Asian Nations (ASEAN) for the continuation of current
\ntariff rates on petrochemical products until a deal to build the
\ncountry's first naphtha cracker has been formalized, CNI learned
\non Tuesday.<\/p>\n
The Philippines government, through its subsidiary the
\nPhilippine Petrochemical Development Corp, signed an agreement
\nwith 11 local and foreign firms to discuss details of a
\nshareholding contract for the cracker last year.<\/p>\n
Trade Secretary Mar Roxas said: \"We would not want to approach
\nour ASEAN neighbors for any type of concession unless this
\n(naphtha project) becomes real,\" adding that the signing of the
\nagreement was six months behind schedule.<\/p>\n
Roxas said the government was ready to support the naphtha
\nproject, but also voiced concerns that the would-be partners
\nthemselves \"might have difficulties formalizing their consortium\"
\nbecause of the glut in Asian markets.<\/p>\n
ASEAN is implementing a Common Effective Preferential Tariff
\n(CEPT) program, which calls for tariff reductions in key
\nindustries. The promoters of the Philippines' naphtha cracker
\nhave urged the government to keep a 15 percent tariff on
\npolyethylene (PE) and polypropylene (PP) imports until 2010.<\/p>\n
They have also lobbied for the imposition of a 5 percent
\nimport tariff on olefins once the cracker starts commercial
\noperation.<\/p>\n
The proposed cracker will have a capacity of 600 000-700 000
\nton\/year and is expected to come on stream by mid-2004 or 2005.
\nIt will provide raw materials for the country's PE and PP plants.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rp-wont-seek-tariff-concessions-roxas-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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