Pacquiao favors special session to approve moratorium on fuel excise tax bill
MANILA, Philippines — Presidential candidate Senator Manny Pacquiao on Tuesday said he will support a Senate special session to pass a measure that calls for a moratorium on the excise tax on petroleum products.
Pacquiao said he is against any kind of tax increase, especially when the Philippine economy has severely suffered and many Filipinos are unemployed due to the COVID-19 pandemic.
“Kontra ako sa pagtaas ng taxes. Ang kailangan natin ay palakasin ang non-revenue income tulad ng mga kinikita mula sa public utilities at mga GOCC (government-owned and controlled corporations),” he said in a statement.
Last year, the House of Representatives Committee on Ways and Means approved a substitute bill suspending excise tax on diesel, kerosene, and liquified petroleum gas—and reducing the rate for other oil products—for six months.
Pacquiao issued the statement amid the skyrocketing prices of gasoline and other petroleum products in the country.
He also noted what appears to be a conspiracy by the cartel of petroleum companies to take advantage of the situation in the global oil market and recent movements in the US Federal Reserves.
“Naniniwala akong may sabuwatan (sa cartel) kaya dapat na silipin ang kanilang libro para malaman natin ang katotohanan dito,” Pacquiao said.
(I believe there is collusion in cartels so we should look into their books for us to know the truth.)
“Mas makakabuti kung ihahayag ang iba pang mga other sources of revenue at ang mga ito ang pagtuunan ng pansin para mapalakas at makatulong sa ating gobyerno sa kailangang budget sa halip ng patuloy napangungutang sa pamamagitan ng mga foreign loans sa ibang bansa, kabilang na ang World Bank,” he added.
(It is better to look at other sources of revenue, this should be looked into so that we can help the government with budgeting, instead of taking out foreign loans.)