Automotive parts makers in the country welcomed the government’s move to impose safeguard measures on vehicle imports, saying such move would help promote the local manufacturing sector. In a statement, Philippine (Auto) Parts Maker Association (PPMA) president Ferdinand Raquelsantos said the imposition of safeguard duties on passenger car (PC) and light commercial vehicle (LCV) imports is a welcome development for the country’s local manufacturing sector. Last Monday, the Department of Trade and Industry (DTI) announced provisional safeguard duties in the form of a cash bond amounting to P70,000 that would be slapped on every imported PC, and P110,000 for every imported LCV for a period of 200 days from the issuance of an order from the Bureau of Customs. Read More.
