A cabinet-level group in the Philippines approved an application by a local unit of Asahi Glass Co. of Japan to import safety glass at reduced tariff rates.
Philippine Trade Secretary Manuel Roxas II…
A cabinet-level group in the Philippines approved an application by a local unit of Asahi Glass Co. of Japan to import safety glass at reduced tariff rates. Philippine Trade Secretary Manuel Roxas II said Republic Asahi Glass Corp. will be allowed to import safety glass valued at US$ 487,000 a year from Thai Asahi Glass PCL of Thailand. The glass will be used in appliances, Mr. Roxas said. Republic Asahi Glass also will export automotive glass valued at US$ 200,000 a year to the Thai company. Mr. Roxas said the imports will be undertaken through the Asean Industrial Cooperation program, which promotes trade within the Association of Southeast Asian Nations by reducing tariff rates to between zero and 5%. The tariff on imported glass is more than 10%. The Philippines needs the glass to boost the local home-appliance industry, Mr. Roxas said. Meanwhile, sales of automative glass have been adversely affected by declining car sales. In the first five months of this year, sales of passenger cars and vehicles fell 15% from the year-earlier period to 28,952 units.