Bam Aquino to Duterte: Listen to the Filipino nation, not your economic managers - The Daily Sentry

Friday, November 30, 2018

Bam Aquino to Duterte: Listen to the Filipino nation, not your economic managers



Senator Bam Aquino / photo from Inquirer





Manila, Philippines - Opposition senator Bam Aquino called on the government to stand firm to its decision to not continue the fuel excise tax.

Aquino’s sentiment came following the decision of the country’s economic managers to recommend to President Rodrigo Duterte the continuation of the second round of fuel excise tax increases.


'Don't retract what you promised'

“Huwag naman sana silang paasa.” He said

“Doble ang sakit pag atras-abante ang administrasyon sa kanilang mga pangako,” Aquino said in a statement on Thursday.

“Sana huwag na bawiin ng Pangulo ang suspensyon at hindi na rin gatungan ang buwis sa petrolyo,” he added.

If recalled, the President had already approved the proposed suspension of the second round oil excise tax increase.

Aquino urged the chief executive to listen to the wish of the Filipinos and not the recommendation of the economic managers.

“Ang hiling dapat ng taumbayan, hindi ng DBM (Department of Budget Management, ang dinggin ng Malacanang, lalo na ngayong Kapaskuhan,” the senator said

On November 14, MalacaƱang confirmed that the president had already approved the proposed suspension of the second round oil excise tax increase.

The Palace also released a copy of a memorandum notifying the administration’s economic managers that their proposal has been approved.

"With reference to your Memorandum dated 11 October 2018, please be informed of the APPROVAL of your recommendation to suspend the next scheduled increase in the excise tax on fuel, subject to Section 43 of Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion Law,” the memorandum said.

Then, it was also the economic managers’ recommendation to suspend the excise tax on fuel to help tame the soaring prices of basic goods.*

Due to rollbacks, second round of oil excise tax to continue

More than P2.00 per liter will be slashed from the prices of diesel and gasoline, while prices of kerosene and aviation fuel will be rolled back in the range of P1.50 to P1.70 this week. 

This said adjustment will complete the two straight months of hefty price cuts on fuel, and for this reason, the the Development Budget Coordination Committee (DBCC) has recommended that the government withdraw its earlier plan to suspend the next tranche or round of fuel excise tax increase set for January.

Under the TRAIN law, excise tax on diesel products was scheduled to increase P4.50 per liter starting January, 2019, from the current P2.50 per liter; while gasoline excise tax will climb to P9.00 per liter, from P7.00 per liter.

While for liquefied petroleum gas (LPG), the excise tax will rise to P2.00 per liter, from P1.00 per liter.

The DBCC said that a special meeting of economic managers last November 29, they decided to “recommend the continued implementation of the second tranche of the excise taxes on petroleum products” as prescribed under TRAIN.

 “the recommendation comes in light of the favorable outlook in world oil prices, where the Dubai crude oil prices have gone down by 14 percent, from an average of US$79 per barrel in October down to US$68 per barrel so far in November.” The DBCC stated

The government body also cited that future forecast states prices of oil may decline further next year.