THE government has so far collected a total of P1.21 billion from the temporary imposition of additional 10 percent duty on all oil importation since May.
Based on data provided by Finance Secretary Carlos G. Dominguez III to finance reporters, the implementation of Executive Order (EO) No. 113 earned the government an additional revenue (duties and taxes) of P803.9 million in May and P410.12 million in June.
Of the P1.21 billion, P1.08 billion came from duties and P130.07 million from value-added tax (VAT) collected from imported crude oil and refined petroleum products starting May.
A total volume of 1.489 billion kilogram (kg) of imported oil was recorded by the Bureau of Customs from May 1 to June 15.
Oil products, including diesel and gasoline, comprised the bulk of the total volume of imported oil at 817.792 million kg.
The volume of imported crude oil during the period reached 489.002 million kg while other kinds of oil, including liquefied petroleum gas, amounted to 182.47 million kg.
In May, the Department of Finance said it was eyeing P20 billion in additional revenues from the imposition of a temporary additional 10 percent import duty on top of the existing Most Favored Nation and preferential import duties.
Customs Assistant Commissioner and Spokesperson Vincent Philip Maronilla expressed optimism they can hit the initial estimate of P20 billion in additional revenue.
He based his optimism on two factors: “consumption has risen now,” and several oil companies “are closing down their refineries for maintenance, so [the volume of] finished products will grow,” Maronilla said.
According to the EO, the proceeds from the temporary additional import duty shall be used to fund measures that address and respond to the effects of Covid-19 situation, including social amelioration programs and such other forms of assistance for all those affected.