TRADE Secretary Cristina Roque warned of massive dumping, or influx, of low-priced goods from countries affected by the new US tariffs.
In trade terms, dumping is when foreign producers sell their products in an importing country at artificially low prices. It is considered an unfair trade practice that can threaten domestic industries by making it difficult for them to compete.
“We are expecting a lot of goods to be brought in, such as goods from China, Vietnam, and many other countries,” she said on Wednesday, October 8, adding these could range from cement and steel to garments.
“And siguro, (dahil) malapit na Pasko, so Christmas lights na naman,” she added.
Roque said some local industries, like garments, have already begun raising concerns over falling prices.
She said the Department of Trade and Industry (DTI) will work closely with the Bureau of Customs (BOC) to ensure that only registered and properly taxed goods enter the country, amid growing risks of dumping.
For its part, the BOC said this could also hurt government revenues, further underscoring the need to address the issue.
It said that based on 2024 data, tax and duty-free imports of goods from the US could mean P30 billion in lost revenues for the government.
The BOD added that they are coordinating with Finance Secretary Ralph Recto on possible measures to offset the losses. (ABS-CBN News)
