The Philippines Decided to Cancel the Tariff on both Trucks and Light Commercial Vehicles (LCV) Imported from Japan

According to a report on May 17, 2010 from the Philippines' Manila Bulletin, the Vice Director of the Department of Trade and Industry of the Philippines, Mr. Aquino, told the media on Friday that, during the negotiation on automobiles tariff with respect to the "Japan-Philippines Economic Partnership Agreement", the Philippine Government has decided to cancel the tariff on both trucks and LCV imported from Japan, to lose PESO 0.1 billion (about USD 2.25 million). Currently, the Philippines applies the import tariff of 30% on automobiles to the most favored nations. According to Mr. Aquino, the zero-tariff policy on the importation of Japanese automobiles will take effect in June 2010; however, the import tariff policy on auto parts will remain effective till 2013. Japan has been working at enjoying zero-tariff on the importation of both finished automobiles and spare parts.