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AN update on the latest investigation of alleged cement dumping from other countries to the Philippines will be released and made public in mid-January 2025, Trade Secretary Cristina Roque told reporters recently.Dumping happens when exporters sell their products to an importing country at a lower price compared to their regular value in the market.The investigation was prompted by reports of a significant increase in cement imports, which has caused alarm among stakeholders in the industry.On Oct. 31, the DTI issued a notice of preliminary safeguard measures to investigate, on a motu proprio basis, cement imports from various countries."By mid-January in 2025, we will give a clearer update on what the situation is... We have given our findings to the Tariff Commission (TF)," Roque said.The investigation covered cement imports classified under Asean Harmonized Tariff Nomenclature Codes 2523.29.90 and 2523.90.00 between 2019 and 2023.In its preliminary report, DTI said cement imports are projected to increase 4.96 percent year-on-year to 7.36 million metric tons this year and that "there was substantial evidence... that increased imports of cement have caused serious injury to the domestic industry," manifested in "declining market share, reduced production and sales, decreased capacity utilization, diminished profitability, price depression, undercutting, and suppression."The Philippine Chamber of Commerce and Industry (PCCI) previously said it welcomed the investigation, stressing the need to protect local cement producers, accounting for at least 1 percent of the country's gross domestic product (GDP)."The local cement industry has been facing challenges brought about by increasing imports, dumping from other countries, and struggling demand," PCCI President Enunina Mangio said."Despite having a surplus in local production, more than enough to meet market demand, imports continue to flood the market, threatening the viability of the local industry," he added.In December 2022, DTI imposed anti-dumping taxes on certain cement imports from Vietnam for five years, with then Trade Secretary Alfredo Pascual saying the dumping of Ordinary Portland Cement Type 1 and Blended Cement Type 1P from Vietnam in the country poses an "imminent threat of material injury to the domestic cement industry."

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05.01.25 04:15

by manilatimes.net

Fed officials say job not done on inflation

TWO Federal Reserve policymakers on Saturday said they felt the US central bank's job on taming inflation was not yet done, but also signaled they did not want to risk damaging the labor market as they try to finish that job.The remarks, from Governor Adriana Kugler and San Francisco Fed President Mary Daly, highlight the delicate balancing act facing US central bankers this year as they look to slow their pace of rate-cutting. The Fed lowered short-term rates by a full percentage point last year, to a current range of 4.25-4.50 percent.Inflation by the Fed's preferred measure is well down from its mid-2022 peak of around 7 percent, registering 2.4 percent in November. That's still above the Fed's 2-percent target and in December policymakers projected slower progress toward that goal than they had earlier anticipated."We are fully aware that we are not there yet — no one is popping champagne anywhere," Kugler said at the annual American Economic Association conference in San Francisco. "And at the same time... we want the unemployment rate to stay where it is" and not increase rapidly.In November, unemployment was 4.2 percent, consistent in both her and colleague Daly's view with maximum employment, the Fed's second goal alongside its price stability goal."At this point, I would not want to see further slowing in the labor market — maybe gradually moving around in bumps and chunks on a given month, but certainly not additional slowing in the labor market," said Daly, who was speaking on the same panel.The policymakers were not asked, nor did they volunteer their views, about the potential impact of incoming president Donald Trump's economic policies, including tariffs and tax cuts, which some have speculated could fuel growth and reignite inflation.

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