MANILA – The Department of Trade and Industry (DTI) has established a mechanism that will monitor influx of imports into the country as the Regional Comprehensive Economic Partnership (RCEP) takes effect in the Philippines Friday (June 2, 2023).
“At DTI, we have established an import monitoring system to detect any unwarranted surge in import so that necessary trade remedies or policy interventions can be made immediately. This tool is available to stakeholders for monitoring import volumes of specific commodities,” Trade Secretary Alfredo Pascual said in a press conference in Makati City Friday.
Pascual said the mechanism aims to build confidence among local industries, especially those who are threatened by increased imports from other RCEP participating countries.
During the same event, DTI Assistant Secretary Allan Gepty, who is the country’s lead negotiator in RCEP, said the Import Surge Monitoring System dashboard was launched by the Bureau of Import Services (BIS) last May 31.
“[T]his will empower also our industries and stakeholders to monitor the competing products imported by some companies here in the Philippines,” he said.
Gepty said local industries may enroll with the BIS for them to have access to imports information and analytics.
He explained that if there are unwarranted, sudden and sharp increase in imports, stakeholders can initiate trade remedies like safeguard measures.
“If you want us to closely monitor the influx of that particular product, they can enroll with the Bureau of Import Services because they have the mechanism to keep track if there is surge in imports,” he said.
Meanwhile, Pascual has called on Philippine enterprises to take advantage of the benefits of RCEP, as it is all systems go for the mega free trade deal for the country.
“Our participation in RCEP forms a crucial part of the Marcos administration’s goal of boosting economic recovery and expansion, and one of the ways to reach that goal is to expand our free trade agreement network,” he added. (PNA)