Bam Aquino renews call for suspension of excise tax on fuel products

As inflation rate spiked to a new nine-year high of 6.4 percent in August, Senator Bam Aquino on Wednesday called on the administration to certify as urgent Senate Bill No. 1798 or the Bawas Presyo Bill.

Aquino’s measure seeks to suspend the excise tax on fuel products under the Tax Reform for Acceleration and Inclusion  (TRAIN) law when the average inflation rate surpasses the annual inflation target over a three-month period.

“Gumising na po kayo. Nasa krisis na ang bansa ngayong tumaas pa ng 6.4 percent ang inflation rate ngayong Agosto. Para sa mga pamilyang nalulunod na sa taas presyo, nananawagan tayo sa gobyerno na i-certify as urgent ang Bawas Presyo Bill,” Aquino said in a statement.

The senator stressed that there is a pressing need to enact this measure into law as there is a scheduled second round of increase in excise tax on fuel under the TRAIN law in January 2019.

“I-roll-back na ang excise tax sa petrolyo ng TRAIN law at pigilan ang pagtaas nito sa Enero. Nasa harap na ng ating economic managers ang solusyon. Utang na loob, pagtulungan na natin ito alang-alang sa mga Pilipinong hirap na hirap nang umahon,” he said.

READ: Inflation hits new 9-year high of 6.4% in August

Aquino has been pushing for the passage of the bill, which according to him, would help alleviate the continuing rise in fuel prices and lower the prices of goods and services. /muf