President Rodrigo Duterte has imposed an extra 10 percent import duty on crude oil and refined petroleum products, citing the need to raise more money for the Covid-19 response.
Executive Order 113 cited emergency powers granted to Duterte by the “Bayanihan to Heal as One Act” or Republic Act 11469 for the temporary increase in import duties.
“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 May 2 order stated.
The order will be in effect until the expiration of emergency powers law, or when the extra duty reverts to zero based on trigger prices to be set by the Department of Energy.
The Department of Budget was ordered to ensure that proceeds of the extra duty would be used for Covid-19 measures or social amelioration schemes. (PressONE.ph)
Source of preview photo: Department of Energy