Hi Saad nice of you to drop me an email, mistaken that you were my good old friend from Kuwait.
In the1980, we were exporting a lot of canned lychee, rumbutan, pineapple and tropical fruit from Singapore to Kuwait. My business associate friend Mr Habib often fly to Singapore shopped for computer products, all kind of items paid advance in cash and shipped to his address in Kuwait. However, when Saddam Hussein’s decision to attack Kuwait cut short all our export business. For your information, the National Economic Development Board (NEDA) agreed today to eliminate the tariff on crude oil, refined petroleum products, asphalt, rolled coils and other products to help stabilize prices and rein in inflation.
Extract from
(http://www.gov.ph/index.php?option=com_content&task=view&id=2003539&Itemid=2)
Trade Secretary Jesli Lapus said Department of Trade and Industry (DTI) made the recommendation and was thoroughly discussed at today’s joint Cabinet- NEDA meeting presided by President Gloria Macapagal-Arroyo at the Angeles University Foundation in Angeles City.
Lapus said the tariff reduction for crude oil and refined petroleum products is from three percent to zero that will reduce the pump prices of gasoline and diesel.
For hot-rolled and cold-rolled coils, Lapus said the recommendation is removing tariff from seven percent to zero in the light of the expected rise in the price of galvanized GI sheets in the world market.
“This is a revenue loss for the government but a gain resulting in a lower cost of living for the public,” Lapus said.
Finance Secretary Margarito Teves said the elimination of tariff will result to some P3.4 to P4 billion annual loss in government revenues.
Teves said a draft Executive Order is now being prepared for the President’s signature to include tariff reduction on mixed alkylbenzene (3 to 1 percent); monofilament yarns (10 to 1 percent).
He said tariff on rice will be reduced from 40 percent from 2010-2014 and 35 percent on 2015.
Teves said tariff on sugar will be reduced to 38 percent in 2011; 28 percent in 2012; 18 percent in 2013; 10 percent in 2014; and 5 percent in 2015.
Aside from these products, Teves said tariff on refined coconut oil will be reduced from 10 percent to zero and this product will also be moved from the sensitive list to the normal track of preferred tariff in consistent with the tariff reduction agreement among the members of the Association of South East Asian Nations (ASEAN).
