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Tariff cuts will have negligible effects in the short term -DOE

By Website Introductions at 05/23/08 15:12

Inflation has been in its highest in its recent years, thanks surge in prices of rice and oil. Certain proposals were made but some, like the removal of the value-added tax (VAT) from oil products, are rejected because they are seen to have more bad effects than good ones.

One measure that will be implemented by the government is to cut the tariff on oil products from 1% to 0%. This, however, will have no immediate effects, admits the Department of Energy, since interventions in the energy sector are long-terms in nature. More details from GMA News.

News: -DOE admits zero tariff won't lower oil prices