The DoE said a new valuation system for thermal coal imports, which the Bureau of Customs has agreed to implement, will more clearly reflect the true cost of coal, which many power plants in the Philippines rely on to generate electricity. READ:
THE Department of Energy said a new valuation system for thermal coal imports, which the Bureau of Customs has agreed to implement, will more clearly relect the true cost of coal, which many power plants in the Philippines rely on to generate electricity.
In a briefing on Wednesday, Energy Undersecretary Sharon S. Garin said the BoC has agreed to use transactional value for coal imports, instead of reference value. She expects no immediate impact on the power costs, saying only that the shift will better reflect the true price of coal when power companies pass on costs to consumers.
The BoC said reference values for imports are taken from a list of standard prices, while the transactional value reflects actual prices paid. “The problem with coal imports is the valuation of coal. The higher it is valued, the higher the taxes and duties to be paid which in return a“Together with the Bureau of Customs, we have re-assess that instead of having a reference value, it should be the transactional value, so the collectors have been informed to use transactional value. The DoE the advantage of consumers,” Ms. Garin added.
Energy Secretary Raphael P.M. Lotilla has said that 45% of power plants in the Philippines use coal for fuel, with 80% of that coal imported. Coal-Ashley Erika O. Jose
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