RP cuts duties on cement

RP cuts duties on cement

MANILA (AFP): Philippine President Fidel Ramos cut yesterday import duties on cement and cement clinker, opening the market further to imports amid a property boom, the presidential palace said.

"A sharp increase in the demand for cement makes it imperative to continue the importation of cement and to reduce its tariff rates to sustain its importation," a palace statement said.

Duties on cement clinker were reduced seven percentage points to three percent, while those on Portland cement were reduced to three percent from 20 percent.

Duties on Pozzolan cement were cut to 18 percent from 28 percent.

The Trade Department said cement demand will grow 20 percent yearly and domestic producers will be unable to meet the demand over the next two years even with the operation of new cement plants and the expansion of existing ones, the statement said.

The construction sector grew 10.9 percent last year, leading to a 5.1-percent increase in the gross national product.