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Duterte hikes tariffs on imported oil, refined petroleum to fortify COVID-19 response

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Arianne Merez, ABS-CBN News

<p>MANILA -- Philippines President Rodrigo Duterte temporarily increased tariffs on imported crude oil and refined petroleum products to fund the country&#x27;s COVID-19 response, according to an issuance made public Monday.</p><p>Duterte, in an executive order, imposed the additional 10-percent tax, citing the &quot;urgent need&quot; to augment the country&#x27;s pandemic response budget and prepare for recovery and rehabilitation. The order was signed last Saturday.</p><p>The additional tariffs are on top of the existing Most Favored Nation import duties, the President said.</p><p>The Southeast Asian nation typically imposes up to 3 percent tariffs on imported crude oil and refined petroleum products, government data showed.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/04/20/philippines-gdp-economy-contraction-negative-growth-covid-19-bangko-sentral-benjamin-diokno">Economy to shrink further on longer lockdown, rebound seen in 2021: BSP</a></li>	<li><a href="https://news.abs-cbn.com/business/04/24/20/duterte-philippines-may-sell-assets-if-needed-to-fund-pandemic-response">Duterte: Philippines may sell assets if needed to fund pandemic response</a></li></ul><p>The temporary increase in tariffs will remain until the Bayanihan To Heal as One Act is in effect or upon the reversion of the modified rates of import tariffs to zero percent.</p><p>Read the full executive order here:</p><blockquote class="embedly-card"><h4><a href="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/news/05/05/eo-113-s-2020.pdf?ext=.pdf">null</a></h4><p>null</p></blockquote><script async="" src="//cdn.embedly.com/widgets/platform.js" charSet="UTF-8" type="text/javascript"></script>

<p>President Rodrigo Duterte hiked tariffs on crude oil and refined petroleum products by 10 percent to help fund the government's response to the coronavirus pandemic.</p>

President Rodrigo Duterte hiked tariffs on crude oil and refined petroleum products by 10 percent to help fund the government's response to the coronavirus pandemic.

Duterte hikes tariffs on imported oil, refined petroleum to fortify COVID-19 response

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Duterte hikes tariffs on imported oil, refined petroleum to fortify COVID-19 response

Arianne Merez,

ABS-CBN News

Published May 04, 2020 02:54 PM PHT

|

Updated May 04, 2020 06:47 PM PHT

Read More:

Rodrigo Duterte

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imported crude oil

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Philippines increases tariffs

tariff hike

coronavirus updates

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