Go: PH seeks biofuels imports

Amid the increasing risk of a potential oil supply shortage and thinning buffer stocks, President Ferdinand R. Marcos Jr.’s economic team is pushing for a law that would allow the Philippines to import biofuels from global markets once pump prices breach a set threshold, Finance Secretary Frederick D. Go said.

- By DERCO ROSAL

Go, the Marcos Jr. administration’s chief economic manager, told the private sector on Tuesday, March 17, that the economic team requested lawmakers pass a bill permitting the importation of the resource.

This measure is expected to complement the Cabinet-level Development Budget Coordination Committee’s (DBCC) proposal to grant the President authority to lower excise taxes on fuel when the cost of Dubai crude oil exceeds $80 per barrel for a month.