Philippines sets up mechanism to monitor imports as RCEP takes effect

“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 told a recent press conference in Makati City.

The mechanism aims to build confidence among domestic players, especially those that are threatened by increased imports from other RCEP member nations, he said.

Pascual urged Philippine enterprises to take advantage of the RCEP, a news agency reported.

The Import Surge Monitoring System dashboard was launched by the Bureau of Import Services (BIS) on May 31, DTI assistant secretary Allan Gepty, who is the country’s lead negotiator in RCEP, said. This will empower Philippine industries and stakeholders to monitor competing products imported by some companies, he added.

Domestic industries may enroll with the BIS for accessing import-related information and analytics, he said.

If there are unwarranted, sudden and sharp increase in imports, stakeholders can initiate trade remedies like safeguard measures, he clarified.

Fibre2Fashion News Desk (DS)