Philippines President Ferdinand Marcos Jr. signed an executive order to temporarily reduce the tariff on tin-mill blackplate to 0% from 3% for three years, seeking to lower costs for producers of tin plate and tin-free steel, the Philippines’ Presidential Communications Office said Nov. 8.

There is currently no local production of tin-mill blackplate, the main material in the production of tin plate and tin-free steel, which are used in canned goods, according to Executive Order No. 104 signed by Marcos.

The Economy and Development Council said the reduction of tariffs on tin-mill blackplate would stabilize the supply chain, lower production costs, generate employment and foster a favorable environment for investments, the order stated.

Marcos signed the order after the council supported the reduction of Most Favored Nation tariff rate on tin-mill blackpate.

The new tariff rate will be reviewed after one year, according to the order. Platts, part of S&P Global Commodity Insights, assessed SAE1006 grade hot-rolled coil at $494/mt CFR Southeast Asia Nov. 7, unchanged day over day and down $1/mt week over week.