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PHILIPPINE GOV'T TO ADOPT PREFERENTIAL TARIFFS ON MOTOR VEHICLES.
MANILA, Oct 1 Asia Pulse - President Gloria Macapagal-Arroyo has approved in principle the implementation of preferential tariffs on motor vehicles under the automotive export program to help sustain economic development.
Trade and Industry Secretary Manuel Roxas II said that the new tariff scheme would help the country in its bid to be the hub of some of the world's major auto manufacturers.
The government earlier issued Executive Order No. 156, establishing a Comprehensive Industrial Policy and Directions for the Motor Vehicle Development Program, to develop the Philippines as the manufacturing hub in Association of Southeast Asian Nation (ASEAN) for certain motor vehicles, parts and components.
Roxas said that an integral component of the Comprehensive Motor Vehicle Development Program under E.O. 156 is the provision of special export incentives to the automotive sector.
He said that the temporary export incentives would compensate for certain structural deficiencies that inhibit the automotive industry's attainment of global competitiveness.
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Source: HighBeam Research, PHILIPPINE GOV'T TO ADOPT PREFERENTIAL TARIFFS ON MOTOR VEHICLES.