MANILA, Nov. 8 (Xinhua) — Philippine President Ferdinand Romualdez Marcos approved temporarily reducing import duty on tin-mill blackplate (TMBP) to help stabilize the supply chain and lower production costs in the country’s canned food industry, the Presidential Communications Office (PCO) said Saturday.
The measure aimed to revitalize local tin plate and tin-free steel manufacturing, which play an important role in food packaging, amid the absence of domestic TMBP production, the PCO said in a news release.
The new tariff rates will take effect and remain in force for three years, subject to review after one year, the PCO added.
The TMBP serves as the main material in the production of tin plate and tin-free steel, which are primarily used in the canned food industry.
