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Philippines lifts safeguard measures on S. Korean cars

All News 14:21 August 12, 2021

By Kang Yoon-seung

SEOUL, Aug. 12 (Yonhap) -- The Philippines has lifted safeguard measures imposed on South Korean automobiles, the trade ministry said Thursday.

The decision, which went into effect Wednesday, came about 18 months after the Southeast Asian country launched its investigation into South Korean cars amid allegations that they had adverse impacts on the local industry.

Manila made a provisional decision to slap safeguard tariffs on South Korean cars starting earlier this year.

In this file photo, cars are parked at a pre-delivery storage yard of Hyundai Motor Co. in Ulsan, about 415 kilometers southeast of Seoul, on August 2, 2021. (Yonhap)

Under the policy, the Philippines imposed an additional tariff of 1.6 million won (US$1,380) on each passenger car, along with 2.5 million won on so-called light commercial vehicles .

Following the decision, South Korean exporters will receive a refund on the additional tariffs paid this year.

South Korea shipped 77 billion won worth of automobiles to the Philippines in 2020, plunging from 193.7 billion won tallied in 2019, according to the data compiled by the Ministry of Trade, Industry and Energy.

colin@yna.co.kr
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