Phoenix Petroleum willing to prepay import taxes

ABS-CBN News

Posted at Mar 21 2017 09:44 AM

MANILA – Phoenix Petroleum said Tuesday it was willing to prepay import duties on oil to help President Rodrigo Duterte curb smuggling.

The company supports Duterte’s overhaul of the tax system, which includes higher excise taxes on fuel products to offset a reduction in income taxes, said chief financial officer Joseph Ong.

“We feel it will also curb smuggling or discourage smuggling by giving legitimate companies who have sufficient cash flow to be able to advance payment in taxes,” Ong told ANC’s “Market Edge with Cathy Yang.”

Advance tax payments are in the “exploratory discussions” stage and the Department of Finance is “aware that it is a possibility,” Ong said.

Oil prices in the world market “will continue to head downwards” and could touch $50 per barrel, he said.