"Rationale: The situation of the Philippine business and local industry sector continued to deteriorate since the Asian crisis of 1997. It is of common knowledge that the manufacturing sector has suffered an enormous decline in productivity, resulting in numerous cases of slowdown, temporary work stoppage, and in many instances, total closure of facilities. It is in this context that this bill is being proposed so as to respond significantly to the clamor for government support from the domestic industries severely affected by the unhealthy business climate. This is achieved by maintaining, the current tariff rates on certain articles that are being manufactured by the local industries up to year 2002 and reducing to zero rate all tariffss currently at three (3%) which are imposed on local industries' raw materials and inputs not locally manufactured."