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FPI pushes for revision of Philippine trade policies
MANILA, Philippines — The Federation of Philippine Industries (FPI) is urging the government to recalibrate trade policies to help local industries and protect consumers from the entry of lower priced and substandard imports amid the COVID-19 pandemic.
In a statement, FPI said now is the time to review the country’s trade policies to shield both local industries and consumers from the influx of cheaper and substandard imported goods.
This, as the group said businesses particularly from countries with government subsidies, are turning to overseas markets to sell their products to offset losses at home due to the crisis.
“Local industries are also battling a different kind of pandemic, and this is COVID-19 in the form of dumping of goods, so we need to review our policies and stop deciding on trade issues like we are still in the old normal. The least we prepare, the worst it will hit us. Philippine businesses are also in danger of ending up in incinerators,” FPI chairman Jesus Arranza said.
The group has sent letters to both President Duterte and Trade Secretary Ramon Lopez to convey the concerns of local industries on the entry of cheap and substandard imported goods.
“We respectfully ask for desperate measures during these desperate times. Probably, this is now the opportune time to review all trade laws, including safeguard measures, anti-dumping law, countervailing law, among others, in order for us to respond to the new norm and the predicament all countries are facing due to the effects of the COVID-19 pandemic,” Arranza said.
He said even the US, which has been promoting globalization and free trade, has included a ‘Buy American’ provision in their stimulus plan.
“This should humbly be taken as our cue to also seriously implement this in the Philippines. Indeed, charity should begin at home,” he said.
He said the Department of Trade and Industry’s Buy Local, Go Lokal campaign to encourage Filipino consumers to purchase fresh local produce and manufactured goods would help in the recovery of domestic manufacturers hit hard by the pandemic.
FPI is also set to relaunch and actively promote the Buy Pinoy, Buy Local movement.
Source: https://www.philstar.com/business/2020/09/08/2040726/fpi-pushes-revision-philippine-trade-policies