Isko Moreno suggests 50% cut on oil and electricity taxes

Aksyon Demokratiko presidential candidate Isko Moreno Domagoso is urging Congress to consider a 50% reduction in oil and electricity taxes to provide savings for Filipino families amidst rising global crude prices.

He stated that the government should temporarily forego tax revenues, acknowledging that as a presidential candidate, he can only suggest this policy to lawmakers.

The proposal is a key platform in Domagoso's campaign, intended for implementation during the first two years of his potential administration.

Moreno reiterated his appeal as oil companies announced price hikes on gasoline, kerosene, and diesel.

The Manila mayor also projected that the price of oil in the market will continue to surge due to the conflict between Ukraine and Russia.

Oil prices worldwide have surged to over $100 per barrel since the tensions between Russia and Ukraine escalated last February 24.