Philippine News Agency
Lacson calls for temporary suspension of fuel excise tax
Presidential candidate Senator Panfilo "Ping" Lacson urged the government to immediately suspend excise taxes on fuel products, even temporarily, amid looming price hikes.
Lacson proposed that the suspension be implemented when crude oil prices based on the Mean of Platts Singapore (MOPS) reach or exceed USD90 to USD100 per barrel, and reimposed when prices fall below these levels.
He believes this measure would provide relief to consumers, particularly motorists, and all sectors affected by the rising fuel costs.
The senator emphasized the urgency, citing that Russia's invasion of Ukraine has led to unprecedented increases in global oil prices, potentially causing gasoline and diesel to reach P80-90 per liter.
Lacson highlighted that the upward trend in fuel prices will also impact the prices of food and other basic commodities.
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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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Davao City Mayor Sara Duterte-Carpio expressed willingness to urge President Duterte to call a special session of Congress to address the escalating fuel prices.
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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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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 President Vicente Sotto III and presidential candidate Senator Panfilo Lacson are open to attending a special session if President Duterte calls for one to address rising fuel prices.
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