Opposition lawmakers from the House of Representatives have filed a joint resolution calling for the immediate suspension of the increases and scheduled increases in excise taxes for fuel products under the Tax Reform for Acceleration and Inclusion (TRAIN) law.
Reps. Edcel C. Lagman, Raul A. Daza, Tomasito S. Villarin, Teddy Brawner Baguilat, Jr., Gary C. Alejano, Edgar R. Erice, Emmanuel A. Billones, Romero S. Quimbo, Gabriel H. Bordado, Jr., Jorge Banal, Jose Christopher Y. Belmonte, Carlos Isagani T. Zarate, Arlene D. Brosas, France L. Castro, Ariel B. Casilao, and Sarah Jane I. Elago filed on Monday Joint Resolution No. 27 to stem inflation.
A joint resolution adopted by both houses of Congress has the force of law once signed by the President.
Under the tax reform law, future increases in excise duties on fuel could be suspended if world oil prices reach $80 per barrel.
But the lawmakers said, “Filipinos reeling from inflation do not have the luxury of time to wait for the said average MOPS-based (Mean of Platts Singapore) Dubai crude oil price to reach or exceed $80 per barrel before they can be relieved of the ill effects of inflation.”
The overall prices of basic goods and services inflation rate in the country for August reached a new nine-year high of 6.4 percent.
It was also the fastest rate of inflation since the 6.6 percent in March 2009 during the term of former President Gloria Macapagal-Arroyo. /muf
READ: Inflation hits new 9-year high of 6.4% in August
