Philippine to Cancel the Import Tax on Sheet

As for the downturn of global economy, global steel enterprises' slow-down in production which has led to supply shortage in Philippine sheets, resulting in comparatively higher price of imported sheets.

Considering benefits of the domestic downstream users, Philippine President Gloria Macapagal Arroyo signed an Executive Order, announcing the cancellation of 7% import tax on hot-rolled and cold-rolled sheet. This Executive Order will come into effect in mid-July 2010.

Philippine's action of adjusting again its import tax on sheet from 3% in 2004 to 7% in 2010.