50% copper tariff could speed up PH shift to value-added production

The Department of Environment and Natural Resources-Mines and Geosciences Bureau (DENR-MGB) said on Friday, July 11, that the newly imposed 50 percent tariff on copper exports to the United States (US) could accelerate the Philippines' shift from raw mineral exports to domestic refining and value-added production.

- By JEL SANTOS

While the immediate impact of the tariff is expected to be limited due to the country's relatively small copper export share to the US, the DENR-MGB warned that broader price volatility and global market disruption may still hit local producers.

“Philippine copper producers are likely to explore alternative markets to offset potential losses in the US,” the agency said in a statement, adding that fluctuations in copper prices could affect the industry’s bottomline.