Question

the Philippine government announced the needs to review the tariff imposed on imported products that have gradually taken over the local market​

Answer 1

Explanation:

Policy reforms pursued by the Philippines over an extended period have resulted in a more open, competitive economy which was able to withstand relatively unscathed the Asian financial crisis. A new WTO report on the trade policies of the Philippines concludes that this provides a generally good example of the advantages of structural reform in overcoming macroeconomic shocks. The report also suggests that the Philippines could derive further benefits, including for its consumers, from more outward oriented, as opposed to an export-oriented trade and investment regimes.

Answer 2

The Philippine government announced the need to review the tariff imposed on imported products that have gradually taken over the local market​.

1. The tax imposed on imported goods in the Philippines is 12 percent.

2. Up to 40 percent of additional charges can be levied on imported vehicles.

3. Tariffs on imported products are calculated on the basis of the cost required for shipping. The insurance, cost of the goods, and freights are included.

4. The Philippines import a major portion of their goods from China, Taiwan, Japan, and the United States. Major products imported include electronic items, minerals, fuels, rice, coffee, and others.