Isko Moreno’s 50% fuel tax cut proposal amid rising oil prices
Manila Mayor Isko Moreno Domagoso (FILE PHOTO)
MANILA, Philippines – Since January this year, fuel prices have been increasing and the unavoidable consequences are higher transportation and food prices, troubling consumer concerns as the country’s economy is poised to recover from the pandemic.
This is what the presidential candidate and Manila Mayor Isko Moreno Domagoso foreshadowed when he proposed a solution should the price of oil in the global market soar.
It was seen and heard by the farmers during his “Listening Tour” in Tarlac City last September 25, 2021. He noted that since the Philippines is not an oil-producing country, the country is reliant on imports, could affect transportation costs, food and other necessities.
Moreno suggested that the government should renounce some of its oil excise tax and electricity excise tax revenues until the economy recovers.
He proposed a 50% tax cut on fuel and electricity and vowed to pursue the same should he win the presidency.
“Sa panahon ng kagipitan, ang gobyerno ang dapat magparaya, para naman maibsan ang hirap ng tao”, Moreno said.
The 47-year-old presidential candidate said the positive effects of the fuel tax cuts will be felt immediately.
This would lower the cost of food production, especially rice, increase the income of farmers and fishermen, lower the price of basic commodities.
This means there is more food on the table and more money can be spent on basic needs like medicine.
Domagoso made that statement 5 months ago.
Now, with the Ukraine-Russia conflict escalating into a war, oil supplies will become scarce and expensive. Global oil prices have soared to nearly a hundred dollars per barrel.
Ukrainian military vehicles move past Independence square in central Kyiv on February 24, 2022. Air raid sirens rang out in downtown Kyiv today as cities across Ukraine were hit with what Ukrainian officials said were Russian missile strikes and artillery. Russian President announced a military operation in Ukraine on February 24, 2022, with explosions heard soon after across the country and its foreign minister warning a “full-scale invasion” was underway. (AFP)
The impact on the lives of Filipinos in the coming months will be challenging and the government should take action and give up some of its revenues to alleviate the torment of the people, Moreno reiterated.
