Govt approves package funded by excess VAT

MANILA, Philippines – A final P4-billion package of initiatives funded by excess revenues from the value-added tax (VAT) on oil has been approved and released by Malacanang.

The expenditure, facilitated by the “windfall” collected when crude prices hit record highs last year, was greenlighted by President Gloria Macapagal-Arroyo in December, a Finance department official said.

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