Duterte hikes tariffs on imported oil, refined petroleum to fortify COVID19 response
MANILA -- Philippines President Rodrigo Duterte temporarily increased tariffs on imported crude oil and refined petroleum products to fund the country's COVID-19 response, according to an issuance made public Monday.
Duterte, in an executive order, imposed the additional 10-percent tax, citing the "urgent need" to augment the country's pandemic response budget and prepare for recovery and rehabilitation. The order was signed last Saturday. The additional tariffs are on top of the existing Most Favored Nation import duties, the President said.
The Southeast Asian nation typically imposes up to 3% tariffs on imported crude oil and refined petroleum products, government data showed. 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.
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