DTI to track imports surge as Philippines officially enters RCEP

MANILA, Philippines — As the Regional Comprehensive Economic Partnership (RCEP) is officially enforced in the Philippines, the Department of Trade and Industry (DTI) launched a dashboard that allows local stakeholders to monitor surges in the volume of imports of certain products.

In a press briefing, Trade Assistant Secretary for Industry Development and Trade Policy Allan Gepty said the DTI’s Bureau of Import Services (BIS) launched the Import Surge Monitoring System on May 31, two days before the RCEP came into force in the country.

“Of course the influx or inflow of imported products is also a concern with the RCEP implementation. We made sure also that we will closely monitor the importation of certain products here in the country,” he said.

Gepty said the monitoring system is a dashboard intended to monitor the surge in the volume of industrial commodities entering the country.

He added that the system would help in monitoring the increase in quantity of imported commodities and generate statistical data and trends.

“At DTI, we have established an import monitoring system to detect any unwarranted surge in imports so that necessary trade remedies or policy interventions can be made immediately. This tool is available to stakeholders for monitoring import volumes of specific commodities. By ensuring imports remain within amounts that will not hurt or threaten our local industry, this monitoring initiative builds confidence and fosters collaboration among all those involved,” Trade Secretary Alfredo Pascual said.

Gepty said the system would specifically monitor industrial products that are sensitive and may be subject to trade remedy investigation.

He added that the system would serve as a guide for businesses in formulating strategies and business plans as well as forecasting or projecting market demand to increase their competitiveness.

“This is a very important program because basically, this will empower all of our industries and stakeholders to monitor the competing products now being imported,” Gepty said.

He said that local producers can enroll with the DTI-BIS to access the import surge monitoring system.

Gepty explained that if a sharp increase in imports of products is observed in a certain product, trade remedies such as safeguards can be initiated.

He added that the technical experts at the DTI-BIS are ready to assist stakeholders in analyzing trends generated by the system to see if the increase is sudden and sharp.

Apart from the import surge monitoring system, Gepty said the DTI is set to implement strategies and campaigns aimed at raising awareness on the RCEP in the country.

Among these efforts is the holding of an annual international trade forum for the Philippine business sector including micro, small and medium enterprises (MSMEs), free trade agreement (FTA) partners, national government agencies and the general public.

The DTI will also launch a trade education and advocacy campaign that will include the publication of FTA guidebooks as well as the conduct of information and education drives in key regions and provinces.

In addition, the DTI will establish international trade centers/FTA clinics within DTI Provincial or regional offices/ LGUs. It also seeks to designate ambassadors or trade advocates to promote exports and utilization of the FTAs.

Signed in November 2020 by the Association of Southeast Asian Nations including the Philippines together with their trade partners China, Japan, South Korea, Australia and New Zealand, RCEP accounts for 30 percent of the world’s population, trade and gross domestic product.

It covers trade in goods, services, investments, economic and technical cooperation as well as dispute settlement, among others.

The ratification of the agreement was approved by the Senate earlier this year.

The RCEP entered into force in the Philippines yesterday, 60 days from the country’s deposit of the instrument of ratification to the ASEAN Secretary General on April 3.

With the issuance of Executive Order 25 s. 2023, the Philippines’ tariff commitments under the RCEP are set to be implemented.

“As RCEP takes effect, we commit to supporting Philippine businesses in becoming more productive and competitive within the region and globally. RCEP is a mega free trade deal that will also facilitate the influx of more investments in the country,”Pascual said.