News Report 27 December 2018
Local
1. Second oil tax deferred
Manila Bulletin, 27 December 2018, p. 1, continued on p. 7
According to the Department of Energy (DOE), the industry players are first required to submit their inventory report by the end of this year, so the agency could assess when they are warranted to pass-on higher excise taxes to the consumers.
Oil companies were told by the Department of Energy on Wednesday not to immediately collect the second round of excise taxes on petroleum products of P2 per liter on January 1, 2019 since they still have stocks or inventories of 15 to 30 days.
Korea -
Economic
2. Groundbreaking for MM subway set in January
The Philippine Star, 27 December 2018, p. B1, continued on p. B3
Construction of the highly anticipated Metro Manila subway, a project which is expected to address traffic congestion in Metro Manila, is slated to commence next month, according to Transportation Secretary Arthur Tugade. The Metro Manila subway is a 35-kilometer line that will run from
Mindanao Avenue in Quezon City to NAIA in Pasay City.
The Department of Transportation said they are postponing the groundbreaking for a later date to look for a common schedule for President Duterte and the Japanese counterparts.
3. Agriculture remains a top concern of the government Manila Bulletin, 27 December 2018, p. B3
Finance Secretary Carlos G. Dominguez III said agriculture will remain among the top concerns of the Duterte administration for the rest of its term to fulfill its goal of raising farm productivity and rural incomes and avoid a repeat of the supply problems in rice and other major food items that led to the elevated inflation rate this year.