IMPORT VOLUME DOWN. Department of Finance Undersecretary Antonette Tionko (center) answers questions from the audience during The Manila Times 11th Business Forum at the Dusit Thani Manila on Tuesday (March 3, 2020). Tionko admits that the coronavirus outbreak has affected the importation volume of the country in February, but collection of the Bureau of Customs did not go down last month due to the implementation of fuel marking this year. (PNA photo by Kris Crismundo)
MANILA – The Philippine government is finding ways to help sectors that will be heavily affected by the coronavirus outbreak in the event that its effect will be widespread, an official from the Department of Finance (DOF) said.
In a forum in Makati City Tuesday, DOF Undersecretary Antonette Tionko said the department is now evaluating which industries will be most affected by the coronavirus disease 2019 (Covid-19).
“We are looking at who are those importing the most from China, and find ways to help these companies,” Tionko said pertaining to firms involved in big-ticket infrastructure projects particularly under the “Build, Build, Build” program.
She said the DOF and other government agencies are studying some measures that will help the tourism sector, especially hotels and airlines, which are experiencing the impact of Covid-19.
“Maybe, we can waive some fees that they have to pay just to give them relief in the effect that Covid becomes very widespread,” the DOF official added.
Tionko further said the virus outbreak slowed down the country’s importation from China in February.
She said government’s tentative imports data last month showed that the country’s inbound shipment from China in terms of volume fell 44 percent, while overall imports also went down by 22 percent.
China is the country’s top import source in 2019.
“We also have to work on trying to find ways to recover,” Tionko said.
She added that while volume of imports decreased in February, collection by the Bureau of Customs (BOC) did not decline.
“Our collection for the Bureau of Customs didn’t go down much because this was offset by taxes on importation of oil. So, that increased,” she said. (PNA)
