Connect with us

Hi, what are you looking for?

Economy

FPI says gov’t agrees to investigate claims palm olein being used in fuel blend

THE Federation of Philippine Industries (FPI) said the government has agreed to a request by the federation to look into allegations that imported palm olein is being used illegally in fuel blending.

In a statement on Tuesday, FPI said its chairman, Jesus L. Arranza, had written the Office of the President detailing the alleged fuel blending activity.

Only coconut oil is permitted as a blending agent in biofuel under Department of Energy (DoE) rules.

Mr. Marcos is concurrently the Secretary of Agriculture. His staff told the FPI that the Department of Agriculture (DA) has been instructed to investigate the allegations and take the needed action.

“The Presidential Management Staff, in a correspondence to Agriculture Undersecretary Domingo F. Panganiban, told the department to evaluate and take appropriate action on the issues discussed by Mr. Arranza in his letter to the President,” the FPI said.

Mr. Arranza’s letter to the President said the fuel blending activity is being facilitated by importers taking advantage of the advantageous tax rate for palm olein used in animal feed.

“Since coconut oil is always priced much higher than palm olein, Mr. Arranza said these importers are getting another windfall of cash from substituting coconut oil with palm olein,” the FPI said.

Mr. Arranza claimed in his letter that the Bureau of Animal Industry (BAI) does not have a list of feed producers to help it determine the likelihood of palm olein imports being used in animal feed.

BusinessWorld asked the BAI to comment but it had not replied at the deadline. — Ashley Erika O. Jose

Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.
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!

You May Also Like

Economy

THE MONETARY Board signaled its readiness to continue raising benchmark interest rates if inflation persists, putting it at odds with other central banks which...

Economy

PRESIDENT Ferdinand R. Marcos, Jr. will invite potential investors to provide capital to his proposed sovereign wealth fund at the World Economic Forum meeting...

Economy

THE Philippine business delegation to the Davos conference in Switzerland was led by the heads of some of the country’s biggest blue-chip companies representing...

Economy

THE House Committee on Ways and Means said it expects its proposed luxury tax to raise at least P12.4 billion a year. “I’m looking...

Dislaimer: FutureMoneyFate.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.


Copyright © 2023 FutureMoneyFate.com All Rights Reserved. Spirit