House urged to approve reso suspending excise taxes on oil products | Inquirer News

House urged to approve reso suspending excise taxes on oil products

/ 06:26 PM October 04, 2018

Albay 1st District Representative Edcel Lagman has urged the House of Representatives to expedite the approval of a resolution which would suspend the imposition of excise taxes on oil products, to address high inflation rates.

In a statement on Thursday, Lagman said that Joint Resolution No. 27 would help tame the rising prices of goods.

“It is patently a flawed policy for the Philippines, an oil-importing country, to impose additional and higher excise taxes on petroleum products, while oil producing countries are even giving subsidies to maintain at low levels the pump prices of gasoline to protect consumers,” he said.

Article continues after this advertisement

This resolution was filed by him, along with other House members from the Magnificent 7, Makabayan bloc, and People’s minority on September 10.

FEATURED STORIES

If adopted, the resolution would task the government to exhaust measures which would control inflation-related problems, such as a disjointed agricultural policy, lack of adequate support to Philippine agriculture, and a weak peso that makes imported materials more expensive, especially for infrastructure projects.

They also called for the proper implementation of the Responsible Parenthood and Reproductive Health Act, which would moderate population growth that would relieve the government of the demand for goods and services.

Article continues after this advertisement

Under the current administration-backed tax reform package, or the Tax Reform for Acceleration and Inclusion (TRAIN) law, excise taxes for gasoline fuel went up from P4.35 to P7.00, and P2.50 for diesel and auto LPG.

Article continues after this advertisement

While cabinet officials have disassociated expensive goods and the TRAIN law, several economists believe that the 6.4 percent inflation rate recorded in August — a nine-year high — is partly to blame.

Article continues after this advertisement

According to Lagman, statements and well-wishes from the country’s economic managers are not enough to ease the suffering of poor Filipinos, especially that sponsors of the General Appropriations Bill admitted that TRAIN law has contributed to high prices.

“Assurances from the economic managers that the huge inflation rate is manageable and will be soon contained cannot lift the burden of spiraling prices of goods and services on the public, particularly the marginalized and disadvantaged sectors,” he added. /je

Article continues after this advertisement

RELATED STORIES

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

DOF official: TRAIN law not the cause of July inflation

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Duterte told: TRAIN, not Trump, to blame for high inflation

TAGS: Edcel Lagman, Excise Tax, House of Representatives, TRAIN law

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.