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'Basically, the rationale for the safeguard level is to balance national interest, minimizing the impact to prices for buyers and users while addressing the industry injury issue, and yet still encouraging local manufacturers to continuously pursue inefficiencies to be more globally competitive,' Lopez said in a text message to reporters.
He noted a yearly review shall be conducted to determine the appropriateness of the safeguard duty.
In imposing the safeguard measure, DTI said it has taken into account public interest in the decision whether to impose safeguard measures and has considered other factors that will assist the local industry and will benefit the consumers and end users.
The proposed safeguard duty is higher than the P210 per MT or P8.40 per 40-kg bag earlier imposed by the DTI to be in effect for 200 days or until Sept.
Manufacturers are seeking a higher tariff on imported cement after the latter's import volume still grew in the first quarter despite the safeguard duty.
Similar to Safeguard's 72 other facilities nationwide, the Edison Park facility is designed with a focus on convenience and customer service.
Safeguard deployed USD 14.3m in Propeller since August 2014 and had a 20% primary ownership position.
In conjunction with the agreement, Safeguard will receive total cash proceeds of USD41.4m, which excludes an amount of additional proceeds to be held in escrow, representing an approximate 3x cash-on-cash return and 34% IRR.
Tree Plantation means contact with mud, dirt and germs, but to to help kids remain germ-free, Safeguard's Army was present to wash their hands so that kids can play their part in protecting the environment without worrying about germs.
Bilateral safeguard measures linked to a free trade agreement (FTA) between two countries allow for the temporary suspension of tariff preferences or imposing most-favored nation (MFN) applied tariff lines when an increase in imports of any product causes damage to domestic industries.
Liberia took the historic step of signing a Comprehensive Safeguards Agreement and Additional Protocol with the International Atomic Energy Agency (IAEA) in September 2017, in line with its requirements as a signatory to the Treaty on the Non-Proliferation of Nuclear Weapons
In the context of the Petroleum sector, safeguard is an emergency action that protects the environment, health, and safety through the instrumentation of statutory compliance from the aggression that could cause serious injury.