(Bloomberg) --
The Philippines will impose a temporary 10% increase in the import duties of crude oil and refined petroleum products to raise funds for the government's coronavirus response.
The new rates, which will take effect immediately, shall be reverted when international oil prices increase and hit triggers set by the Department of Energy, according to President Rodrigo Duterte's May 2 order.
The Southeast Asian nation imports nearly all of its oil requirements. Last week, it raised $2.35 billion from a dollar bond sale, while securing loans from multilateral agencies to help support the economy amid the pandemic.
It reported 262 new Covid-19 cases on Monday to take its total to 9,485, with 623 deaths.
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