Sunday, December 11, 2005

Tax incentives for alternative fuel users sought

WITH a pending world oil crisis and the continued damage brought by fossil fuels to the environment, the Philippine government must grant tax incentives to those who will use alternative fuels, Senator Manuel Roxas II said Saturday. Citing the oil crisis forecast by the Asian Development Bank, the senator said oil production is expected to rise to 90 dollars per barrel next year. He noted that the Philippines depends on oil as the primary fuel source for transportation, importing at least 126 million barrels of crude oil and petroleum products worth five billion dollars in 2004.
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