Economy

DoF denies China ODA was leverage for joint exploration

Date Published (mm/dd/yyyy): 
10/10/2018

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

Date Published (mm/dd/yyyy): 
10/11/2018

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.

Oil tax freeze mulled; belt tightening pushed

Date Published (mm/dd/yyyy): 
10/10/2018

President Rodrigo Duterte said he may suspend excise taxes on oil and petroleum products even as the Department of Energy urged people to tighten their belts Tuesday and adopt fuel-saving measures as the country weathers eight consecutive weeks of rising fuel prices.

 

“Maybe,” the President said when asked if suspending excise taxes under the Tax Reform for Acceleration and Inclusion Law was an option.

 

He said Finance Secretary Carlos Dominguez is already studying the proposal.

 

Duterte open to fuel tax cut, suspension

Date Published (mm/dd/yyyy): 
10/10/2018

MANILA, Philippines — President Duterte is open to suspending excise taxes on fuel to counter the effects of rising commodity prices.

 

“Maybe,” he told Palace reporters yesterday when asked if he would support a suspension of the excise taxes.

 

Duterte said he has asked Finance Secretary Carlos Dominguez III to look into the proposal, which some sectors said would provide relief to consumers.

 

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