Cement importers have rejected claims by local manufacturers that the import surge on cement is causing "serious injury" to the domestic industry.
"Some members of the cement industry are exhibiting continuing profitability amid increased imports," the Philippine Cement Importers Association (PCIA) said in a statement on Thursday.
This view was repeated by the PCIA in a position paper to the Tariff Commission, which is looking into the imposition of safeguards for imported cement, according to The Manila Times.
Based on last year's audited financial statements, PCIA said "several local cement manufacturers showed continuing improved results of operations."
For example, Eagle Cement Corp saw its 2018 earnings before income tax (EBIT) advance by 14.2 per cent to PHP6.3bn (US$122.4m) from previous year's PHP5.5bn, while Holcim Philippines posted a lower EBIT of PHP3.55bn in 2018 when compared with PHP4.26bn, "but is still, nevertheless, profitable," PCIA said. It added that Cemex Philippines' 2018 gross revenues rose by 7.5 per cent to PHP23.42bn from PHP21.78bn.
