Philippines take steps to halt rampant oil smuggling

The Philippine government is coming up with initiatives to stop importers from bringing in crude oil and petroleum products without paying tax or not paying the correct taxes, Finance Secretary Cesar Purisima said. Customs earlier announced that it hired six of the worlds top survey firms to determine the actual volume of imported oil coming into the country, and to monitor those importing the commodity. These companies included Societe Generale de Surveillance, Cotecna, Intertek, Bureau Veritas, Inspectorate International and Admiral Testing Service. The Energy Department will require a six-month importation plan, or a rolling importing forecast, plus their distribution or retailing plan, as a condition for accrediting oil importers and oil terminal operators. (October 12, 2010)