(CORRECTED) - PHILIPPINES CRITICISES EC FOR OIL LEVY Philippines Trade and Industry Secretary Jose Concepcion told world trade ministers he wondered if their agreement was of any real value after the European Community (EC) proposed a levy on vegetable oils. Concepcion, speaking at an informal meeting of the General Agreement on Tariffs and Trade (GATT) here, said ministers declared in Uruguay last September that the trade of less-developed nations should not be disrupted. He said the EC not only ignored Manila's request for lower tariffs on coconut oil but proposed a levy on vegetable oils and fats that are vital exports for Southeast Asian countries. Concepcion said while the levy might be rejected by the EC Council of Ministers, he noted that "I cannot help but wonder whether the agreements we produce in meetings like this are of any real value." He also said industrialised nations saved about 65 billion U.S. Dlrs in 1985 through low commodity prices, but this had affected the ability of developing nations to import goods and services. "The health and the growth of world trade requires that the new development of developing countries losing their share of world trade be arrested and reversed," he said.