Save Our Industries Act of 2011 or SAVE Act - Grants duty-free treatment, subject to specified conditions, to certain apparel wholly assembled in the United States or the Philippines, or both, and components of such apparel consisting entirely of: (1) fabric cut in the United States or the Philippines, or both, from fabric wholly formed in the United States from yarns wholly formed in the United States; (2) components knit-to-shape in the United States from yarns wholly formed in the United States; or (3) any combination of such fabric or components.
Grants: (1) a reduction of duty for such apparel, provided the same criteria are met; and (2) duty-free treatment to apparel that meet both the requirements for duty-free treatment and reduction of duty.
Prescribes single transformation duty-free rules for specified apparel articles, regardless of the source of the fabric, fabric components, components knit-to-shape, or yarns from which the articles are made, if they: (1) are wholly assembled, or knit-to-shape, in the Philippines from any combination of such components; and (2) are imported directly into the United States from the Philippines.
Prescribes requirements for review and enforcement of the program.
Prescribes penalties for exporters and importers who engage in the transshipment of apparel that has been afforded preferential treatment under this Act.