Philippines removes import tariff on oil products

Philippine President Gloria Macapagal Arroyo recently signed an executive order removing the tariff on petroleum product imports, Energy Secretary Angelo Reyes said. Reyes told reporters the tariff reduction took effect January 1, 2010. “This is good news. So, whatever the oil price is next week, it will be reduced by Php 0.70 (US$0.02) per liter,” he said. Reyes also said the lower tariff will apply to liquid petroleum products and those that come from the ASEAN Free Trade Area. (January 5, 2010)