Rappler
In reversal, Marcos Jr. now opposes fuel excise tax suspension
Presidential aspirant Ferdinand "Bongbong" Marcos Jr. expressed reservations about suspending fuel excise taxes, citing potential P117 billion annual revenue loss for the government.
Marcos Jr. proposed instead to implement oil subsidies and revive the Oil Price Stabilization Fund as alternative solutions to address the rising fuel costs.
This stance appears to be a shift from his previous position, along with running mate Sara Duterte, who had earlier called for the suspension of excise tax on fuel imports.
The Department of Budget and Management had previously stated that suspending excise tax collection would result in a significant loss of revenue for the country.
Sara Duterte had also urged President Rodrigo Duterte to convene a special congressional session to tackle the issue of increasing fuel prices and their effect on commodity costs.
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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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The Philippines stands to lose P117 billion in revenue if fuel excise taxes are suspended, according to the Department of Budget and Management (DBM).
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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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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.
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