Philippine Department Of Trade And Industry Sets up Import Monitoring Mechanism

As the Regional Comprehensive Economic Partnership (RCEP) took effect in the Philippines on June 2, the Philippine Department of Trade and Industry (DTI) established a mechanism to monitor imports.

"At DTI, we have established an import monitoring system to detect any unwarranted increase in imports so that necessary trade remedies or policy interventions can be implemented as soon as possible." Stakeholders can use this tool to monitor import volumes of specific commodities," trade secretary Alfredo Pascual said at a recent press conference in Makati City.

According to him, the mechanism aims to boost confidence among domestic players, particularly those threatened by increased imports from other RCEP member countries.

According to a news agency, Pascual urged Philippine businesses to take advantage of the RCEP.

The Bureau of Import Services (BIS) launched the Import Surge Monitoring System dashboard on May 31, according to DTI assistant secretary Allan Gepty, the country's lead negotiator in RCEP. He added that this will enable Philippine industries and stakeholders to monitor competing products imported by some companies.

Domestic industries can join the BIS to gain access to import-related data and analytics, he said.

He clarified that if there is an unjustified, sudden, and sharp increase in imports, stakeholders can initiate trade remedies such as safeguard measures.