THE Department of Trade and Industry (DTI) is promoting local products while eyeing to erect tariff walls against imports to support the economy and raise revenues
DTI Secretary Ramon Lopez said the economic cluster in the Cabinet has agreed to enjoin contractors of Build, Build, Build to prioritize the use of locally-manufactured inputs.
Lopez said sourcing locally will stimulate demand as this will ensure market for the products of manufacturers.
These include construction materials from cement to steel and their allied industries.
This move would boost employment and improve business environment.
Lopez also said the government is considering using tariffs to raise funds.
He did not elaborate but said
in principle all products will be considered and studied to avoid any protectionism angle.
The World Trade Organization has cited the need to keep markets open to facilitate the flow of essential medical goods as well as agricultural and food products at this time of the health crisis gripping global economies.
WTO director-general Roberto Azevíªdo called upon all members to “resist policies that may further disrupt supply chains and add to the strains on an already fragile global economy. “
