NonTariff measures (NTM) remain a “major hurdle” for exporters in the Philippines and other Asia-Pacific countries, according to a joint report by the International Trade Centre (ITC) and Economic and Social Commission for Asia and the Pacific (ESCAP).
NONTARIFF measures remain a “major hurdle” for exporters in the Philippines and other Asia-Pacific countries, according to a joint report by the International Trade Centre and Economic and Social Commission for Asia and the Pacific .
For instance, garment-exporting countries with “less vertically developed value chains” find it difficult to comply with local content requirements. Meanwhile, in the case of the Philippines, the report traced the hardship largely to the increased local use of imported textiles in their markets. In the Philippines, importer clearance certificates are required by the Bureau of Internal Revenue to start operations but are often delayed by up to a month subject to additional documentary requirements and need to be renewed yearly. These lead to procedural obstacles such as delays, additional costs and paperwork, the report stated.
For instance, the report said, “In the Philippines, the Bureau of Customs uses a three-month rolling period methodology that overvalues the product by up to a hundred times the original price, significantly increasing import duties.”
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asia stocks rally, bonds tense for U.S. rate testsAsian shares edged up on Monday while bond markets held their breath ahead of an update on the U.S. rate outlook from the world’s most powerful central banker, and a jobs report that could decide if the next hike needs to be super-sized. | Reuters
Read more »
Talon Esports crush Team Spirit in Lima Major PlayoffsSoutheast Asian Dota 2 team Talon Esports is breezing through the lower bracket of the Lima Major Playoffs. After coming off strong from a sweep against European team HellRaisers, the SEA team dug
Read more »
SEA’s last hope: Talon soars to Lima Major LB finalAfter breezing through matches against Entity and Shopify Rebellion, Talon Esports is one match away from the Lima Major grand final stage. The Southeast Asian team remains undefeated in its lower
Read more »
Artist’s cornerAndrea Franzeine Castellano is a student from St. Dominic College of Asia enrolled in the Bachelor of Multimedia Arts program. During her free time, she expresses her creativity through modern and traditional mediums, like watercolor, paint-- READ MORE:
Read more »