PHILIPPINE President Rodrigo R. Duterte rejected calls to suspend the excise tax on fuel products amid soaring pump prices, and instead approved the Finance chief’s recommendation to extend the P200 in monthly aid to poor families for a year. READ:
Motorcycle riders queue at a gasoline station along España Boulevard in Manila, March 15. — PHILIPPINE STAR/ MIGUEL DE GUZMANPHILIPPINE President Rodrigo R. Duterte rejected calls to suspend the excise tax on fuel products amid soaring pump prices, and instead approved the FinanceActing Presidential Spokesperson Jose Ruperto Martin M. Andanar made the announcement at a regular news conference on Wednesday, just hours after Finance Secretary Carlos G. Dominguez III made the proposals.
Mr. Dominguez said the government is expecting to collect P147 billion in taxes this year from fuel products, of which P131.4 billion is from excise taxes. The rest would be from value-added tax imposed on oil imports. Instead, the Finance chief proposed the government provide direct aid to the most vulnerable sectors, allocating P33 billion for unconditional cash transfers to the bottom 50% of all households or an estimated 74.7 million Filipinos. This would mean each qualified household would receive P200 a month or a total of P2,400 as aid.
Russia’s invasion of Ukraine has driven global oil prices higher, affecting countries like the Philippines that import majority of its fuel requirements. Crude prices have fallen below $100 this week as China, the world’s biggest oil importer, implemented lockdowns to curb the spread of the coronavirus.
“Let us try to conserve energy and one of the examples here is through the four-day workweek,” Mr. Chua said at the Tuesday Cabinet meeting. “Every Filipino will still have to work 40 hours per week but instead ofAt the same meeting, Labor Assistant Secretary Dominique R. Tutay proposed a three-month wage subsidy worth P24 billion, which will benefit one million workers.
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