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.