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Bam Aquino to administration: Roll back excise tax on oil products

/ 10:54 AM May 25, 2018

Senator Bam Aquino has dared the current administration to roll back the first tranche of excise tax imposed on petroleum products, amidst the surge in the price of petroleum products.

“Nalulunod na ang mga Pilipino sa taas ng presyo. Huwag na natin antayin na tumaas lalo ang bilihin,” Aquino said in a statement on Friday.

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Aquino made the remark following the statement of the Department of Energy (DOE) that the immediate suspension of excise tax on oil products is allowed under the Tax Reform for Acceleration and Inclusion (TRAIN) law.

However, the DOE said the suspension would only cover the excise taxes due for 2019, and will only take effect if the prices of imported crude oil will be pegged at $80 per barrel for three consecutive months.

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“Aantayin pa ba nila ang 2019? Hindi pa ba aaksyon ang pamahalaan?” Aquino asked.

“Next year is too late. Hirap na hirap na ang mga Pilipino sa pagtaas ng presyo,” Aquino said.

READ: DOE: Suspension of excise tax on oil products ‘possible’

Aquino was one of four senators who voted against the ratification of the TRAIN law.

He recently filed Senate Bill No. 1798, which seeks to amend the TRAIN law.  If passed, the excise tax in oil products once the inflation rate surpasses the target over a three-month period will be suspended.

Aquino said he included this measure during the deliberations on the TRAIN law, but was not included in the final draft during the bicameral conference.    /muf

READ: Bam Aquino rallies support for passage of TRAIN law amendment

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READ: Bam Aquino calls for urgent review of Train law amid soaring inflation.

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TAGS: Department of Energy, excise tax, Oil Price Hike, oil products, Senate, Senator Bam Aquino
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