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DBM: Philippines to lose P117 billion if fuel excise tax suspended
The Philippines stands to lose P117 billion in revenue if fuel excise taxes are suspended, according to the Department of Budget and Management (DBM).
Economic managers, including the Development Budget Coordination Committee (DBCC), are strongly against suspending fuel taxes due to the potential negative impact on the country's economic recovery and budget for COVID-19 recovery measures.
The Department of Finance (DOF) estimates that suspending excise taxes could lead to a revenue loss of P131.4 billion for 2022 alone.
Instead of tax suspension, economic managers are advocating for targeted relief assistance, such as the P3 billion fuel subsidy and discount vouchers program.
This targeted assistance is expected to benefit over 377,000 transport drivers, including motorcycle and tricycle riders.
Malacañang also confirmed that a second tranche of these subsidies and discount vouchers will be released in the following month.
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President Rodrigo Duterte rejected calls to suspend the excise tax on fuel products, approving the Department of Finance's recommendation to continue collecting them.
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Senate Minority Leader Franklin Drilon reminded the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) that they have the authority to suspend the collection of fuel excise taxes under the TRAIN Law.
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Presidential aspirant Ferdinand "Bongbong" Marcos Jr. expressed reservations about suspending fuel excise taxes, citing potential P117 billion annual revenue loss for the government.
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The Department of Budget and Management (DBM) has rejected proposals to suspend fuel excise taxes, citing potential negative impacts on social services.
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Presidential candidate Senator Panfilo "Ping" Lacson urged the government to immediately suspend excise taxes on fuel products, even temporarily, amid looming price hikes.
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