Import duty on crude, refined fuel products hiked for COVID-19 funds | Inquirer News
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Import duty on crude, refined fuel products hiked for COVID-19 funds

DUTERTE SIGNS EXECUTIVE ORDER NO. 113
By: - Reporter / @KAguilarINQ
/ 02:56 PM May 04, 2020

MANILA, Philippines — President Rodrigo Duterte has temporarily increased the import duty on crude and refined petroleum products to augment funds for the government’s efforts against the coronavirus disease (COVID-19).

Duterte, through Executive Order No. 113 signed May 2, imposed an additional 10 percent on imported crude and petroleum products.

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“There is an urgent need to augment the government’s resources to sufficiently finance the government’s programs and measures to mitigate the effects of the Covid-19 situation, and launch the country towards recovery and rehabilitation,” the EO released to the press Monday said.

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The proceeds from higher tariffs would fund the government’s efforts to address the COVID-19 health crisis, including the social amelioration program.

“The Department of Budget and Management is directed to study, propose and/or take such measures as may be appropriate, to ensure that the proceeds derived from the temporary additional import duty shall be used to fund measures that address and respond to the effects of the COVID-19 situation, including social amelioration programs and such other forms of assistance for all those affected,” the EO stated.

The order will remain in effect until the extra duty reverts to zero percent “based on trigger prices indexed to oil prices in the world market upon certification by the Department of Energy.”

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TAGS: COVID-19, crude, Petroleum, Rodrigo Duterte
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