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Bacolod City, PhilippinesTuesday, March 8, 2011
Oil firms ordered:
Boost inventories

The government yesterday ordered oil firms to ramp up imports and stocks amid growing concern about potential supply disruption due to unrest in the Middle East and North Africa.

The energy department said in a statement it had ordered oil companies to step up imports and maintain a minimum inventory sufficient for 15 days.

"The Philippines needs to be resilient in light of these events," Energy Minister Jose Rene Almendras said in the statement.

‘Abolish tax credit
certificate system’

Sen. Ralph Recto yesterday urged the Department of Finance to replace the Tax Credit Certificate system with outright tax refund for the country's exporters, a press release from his office said.

"The TCCs should be ultimately removed and replaced by a simple tax refund system to avoid abuses," Recto said following a hearing of the Congressional Oversight Committee on the Comprehensive Tax Reform Package, which he chairs.

He said he also supports the plan of DOF to factor in the TCC payments in the annual budget to enforce transparency and put a cap on its amount.

Farmers, fisher folk
to receive citations

Farmers and fisherfolk, the unsung heroes of the land, will be honored at the Farmers and Fisherfolk Achievers Day titled “Pasidungog sa Mangunguma kag Mangingisda sa Panaad” on April 9, at the Panaad Stadium in Bacolod City, a press release from the Office of the Provincial Agriculturist said.

The event which falls on the last of the six-day Panaad sa Negros Festival will recognize the important contributions of farmers and fisherfolk on food production and in helping realize the Food Security Program of the provincial government led by Gov. Alfredo Marañon Jr., the press release said.

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