Philippines considering cutting existing tariffs for pharmaceutical products

As part of a comprehensive review of the nation's duties program, the Philippines is planning to cut some of its existing tariffs for pharmaceutical products while lowering those on raw material imports, according to Tariff Commissioner Edgardo Abon, reported by the Philippine Star newspaper. He said the review is now in its final stages, with only a few minor issues to be resolved.

Mr Abon said he was hopeful that a new tariff program would be ready for signing by the country's President, Gloria Arroya, during the next congressional break, noting that "we just want to make sure that everything is OK when the President signs it."

However, he admitted that there has still been no final decision on how long the new tariff program would be effective but, most likely, it would be for a three to four-year period. Mr Abon's own recommendation is for this to be in force for five years, in order to give businesses a longer period for planning.