The Philippine government cancels oil import tariffs to cope with high oil prices
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Faced with the international oil price surpassing US$130 a barrel, the Philippines, which is a net oil importer, announced on May 20 that it will remove all import duties on crude oil from June 1. It hopes that this move can reduce the retail price of domestic oil. At present, the Philippines' oil import tariff is 1%, before it was 3%. Philippine Energy Minister Liyes stated that the government is considering eliminating or reducing the value-added tax of oil (12%), but since the value-added tax is legally enforceable, such as the revision or cancellation of taxation policies requires the approval of the Congress.