Press Releases
DOE keen over Train Law implementation

The Department of Energy (DOE) is keen enough on the effects and implementation concerns of Republic Act 10963 or otherwise known as Tax Reform for Acceleration and Inclusion (TRAIN) Law which took effect on 01 January 2018.

During Wage Board-NCR Board Meeting on 13 February 2018, Assistant Director for Oil Industry Management Bureau of DOE Rodela I. Romero revealed that their department has taken steps to address the effects of the new law and to assure the public on the stability of oil/petroleum products in the market. According to her, while the law took effectivity last month, its implementation in the oil industry would still depend on the levels of inventory and the corresponding daily withdrawals in their depots of the oil refiners and bulk importers as of 31 December 2017, which were taxed with the old excise rates. An Advisory to Oil Industries has been issued to ensure and advise dealers that pump prices should only reflect stocks that have actually had the new excise tax imposed. Old stocks should be sold on the old excise rate or at zero rate excise tax for diesel product.

Meanwhile as to the status of electric supply and prices, Director for Electric Power Management Bureau of DOE Irma C. Exconde said that there is enough supply of electricity that will accommodate all users and DOE continuously monitors the fuel supply through constant inventory by requiring coal fired power plants to submit a duly notarized coal inventory that will be used in the monitoring on the possible effects of the new excise tax scheme imposed on the importation of coal.

 

END/Kim Lagcao

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2018-02-20
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