Duterte eyes bold step of suspending excise taxes on oil

By: - Reporter / @NCorralesINQ
/ 06:50 PM October 09, 2018

President Duterte answers a question on his strategy to arrest inflation.


President Rodrigo Duterte on Tuesday said his administration was eyeing the suspension of excise taxes on oil products amid the record-high inflation in the country.


“Maybe,” Duterte said when asked for his comment, adding that Finance Secretary Carlos Dominguez was already studying the issue.

A provision in the Tax Reform for Acceleration and Inclusion (TRAIN) law states the suspension of further rate increases on excise taxes on oil in case an average of above $80 a barrel occurs for three straight months.

The President said the increase in oil prices triggered the increase of other products, driving inflation up.

“Pag sinabi there will be increase in oil, bukas susunod lahat ’yan. That drives inflation. Coupled with bahala na – mahal ang bigas, mahal ang isda, mahal lahat. So you have inflation,” he said.

Unfortunately, he said the Philippine has no oil resources.

Presidential Spokesperson Harry Roque earlier said that a possible joint energy exploration with China in the West Philippine Sea would give the country energy security as oil prices continue to rise in the international market./atm/ac

READ: Palace: Joint exploration to give PH energy security

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: excise taxes on oil, Inflation, Rodrigo Duterte
For feedback, complaints, or inquiries, contact us.

Pregnant woman busted for drugs in Quezon City

September 18, 2019 02:36 PM


Bali-Perth flight diverted to save passenger’s life

September 18, 2019 02:33 PM


Music video review: Charli XCX’s ‘2099’

September 18, 2019 02:30 PM


Realty firm expands in Bacolod with 3 projects

September 18, 2019 02:21 PM

© Copyright 1997-2019 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.