Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Diokno signals Finance dep’t studying carbon tax feasibility

by
July 7, 2022
in Investing News
0
Diokno signals Finance dep’t studying carbon tax feasibility
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter
Finance Secretary Benjamin E. Diokno answers questions from the media during a press briefing at the New Executive Building, Malacañan Palace, July 6. — PHILIPPINE STAR/ KRIZ JOHN ROSALES

FINANCE Secretary Benjamin E. Diokno said his department is considering a carbon tax, and is currently working out whether such a measure is practicable.

“Carbon tax too, if feasible,” Mr. Diokno told reporters in a Viber message after being queried on fund-raising initiatives under consideration by the new government.

Asked to elaborate on the carbon tax, Mr. Diokno did not respond.

A tax on carbon emissions was contemplated in the third package of former Finance Secretary Carlos G. Dominguez III’s fiscal consolidation plan.

If approved, the third package is set to be implemented in 2025. The impact on government revenue has yet to be determined.

A carbon tax is levied on businesses that emit carbon dioxide, with the proceeds helping support greenhouse gas mitigation projects while forcing companies to address their own emissions to minimize their tax exposure.

Mr. Diokno also signaled the possibility of imposing a tax on single-use plastics in an interview with the ABS-CBN News Channel on Wednesday.

“The Philippines is probably one of the most vulnerable with respect to climate change, and so it is in our own interest that the movement towards climate change should be supported,” he said. “I think we on our part, on the tax side, should think of some measures that we can do to reduce pollution. For example, a tax on single-use plastic is worth considering.”

A P20 excise tax per kilogram of single-use plastics was also part of the previous government’s fiscal consolidation plan, although it had been targeted for rollout in 2023.

The previous government estimated that the tax can raise P249 billion or more every year, with the revenue going towards paying down the P3.2 trillion in additional debt incurred during the pandemic.

At the end of May, National Government debt stood at P12.5 trillion.

Mr. Diokno formerly served as co-chair of the previous administration’s so-called “Green Force,” an Inter-Agency Task Force for Sustainable Finance.

The task force supported the Sustainable Finance Roadmap that hopes to unlock financing for green initiatives.

In April 2021, President Rodrigo R. Duterte approved the Philippines’ first Nationally Determined Contribution, which set a target of reducing greenhouse gas emissions by 75% by 2030. — Diego Gabriel C. Robles

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
WB says only 60% of 4Ps recipients in 2020 were among the poorest

WB says only 60% of 4Ps recipients in 2020 were among the poorest

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Chery looking at bringing in Arrizo 6, Ant EV

Chery looking at bringing in Arrizo 6, Ant EV

July 10, 2022
When queens come together, awra wins

When queens come together, awra wins

June 22, 2022
E-governance bill seeking to digitize gov’t services refiled in House

E-governance bill seeking to digitize gov’t services refiled in House

July 5, 2022
US envoy to meet with Marcos during Asian visit

US envoy to meet with Marcos during Asian visit

June 6, 2022
Former Twitter employee is convicted in Saudi spy case

Former Twitter employee is convicted in Saudi spy case

August 10, 2022
Gabriela, Bayan Muna condemn indictment of religious group members

Gabriela, Bayan Muna condemn indictment of religious group members

August 16, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.