P7.3B of P12.5B VAT on oil spent on projects - DOF

MANILA, Philippines - As of last November, the national government has already used P7.33 billion of the total of P12.5 billion earmarked from the wind-fall from higher value added tax collections due to previously high oil prices.

A report of the Department of Finance (DOF) showed that the Department of Social Welfare and Development was the biggest recipient of this fund, called "Katas ng VAT," getting P4 billion — 55% — for its Pantawid Kuryente Program.

This was followed by the Commission on Higher Education’s student assistance fund for education, which got P1 billion.

The Department of Energy’s Philippine energy efficiency program, the Social Welfare department’s (DSWD) subsidy for the elderly, Philippine Postal Savings Bank’s microfinance program and Department of Education’s supplemental feeding program each got P500 million.

The Department of Health got P231 million for upgrading of hospitals while another P100 million was received by the Presidential Commission for the Urban Poor for emergency land acquisition for victims of eviction and demolition.

No amount has been received by the Department of Transportation and Communications for the conversion of public transport units’ engines to liquefied petroleum gas, Department of Trade and Industry for competitiveness enhancement measures, and Department of Agriculture for its Fertilizer, Irrigation, Extension and Education for farmers, Loans, Dryers and post-harvest facilities, and Seeds program. - BusinessWorld

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