Downstream Oil Industry

DoF denies China ODA was leverage for joint exploration

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THE DEPARTMENT of Finance (DoF) said that Chinese loans and grants were not employed as leverage to arrive at a joint energy exploration agreement in the South China Sea.

The DoF disputed the claim after an online media outlet reported, without citing a source, that Chinese ambassador to the Philippines Zhao Jianhua hindered the delivery of official development assistance (ODA) to force the Philippines to agree to joint exploration.

TODAY’S AGENDA | Excise taxes on fuel will likely be suspended, DOF official says

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Despite the repeated pronouncements of the Department of Finance that the government cannot just suspend a provision in the Tax Reform for Acceleration and Inclusion (TRAIN) law, Finance Assistant Secretary Tony Lambino has expressed belief that the second wave of increase in fuel excise tax will be halted.


“If things continue the way they are, the next increase will be suspended. I actually don’t think the next tranche (of TRAIN LAW) will be implemented. I think the suspension mechanism in the law will kick in,” Lambino said in an interview with One News’ Agenda.

DoE blames global situation for increase in petroleum prices

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THE Department of Energy (DoE) on Tuesday blamed the “current global situation” for the rise in petroleum prices as it reassured the public that the agency and energy firms are taking steps to ease the effects on consumers.


In a statement, the DoE said international political and economic factors were at play to drive higher the prices of oil and other petroleum products.


“US exit from the Iran nuclear deal was accompanied by its re-imposition of economic sanctions on Iran, including those related to oil,” it said.



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