The Philippines will take in a reported PHP 20 billion (around $395 million) from a temporary tax increase on imports of crude and refined oil products, introduced to fund COVID-19 relief efforts.
On May 2 President Rodrigo Duterte issued an executive order imposing an additional duty of 10 percent on imports of oil products. On May 5 the Bureau of Customs published Customs Memorandum Circular No. 125-2020, which states that the duty must be assessed, levied, and paid before the products are injected with chemical markers under the country's anti-fraud fuel marking program. The increase went into effect May 6.
The Philippine Daily Inquirer reported May 7 that Customs Assistant Commissioner Vincent Philip Maronilla said in an interview that the higher duty would bring in approximately PHP 20 billion in additional tax revenue.
Duterte issued his executive order under Republic Act 11469, which was passed by Congress March 24 and gives the president broad authority over the national budget.