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TO TAME INFLATION

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.

Update

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.

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“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.

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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

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TAGS: excise taxes on oil, Inflation, Rodrigo Duterte
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