00:00Trimming the excise tax slapped on gasoline and petroleum products or outright slashing it can stem the central bank's projected
00:07surge of inflation as a result of surging global oil prices by half a percentage point.
00:13In more tangible terms, that translates the cost of diesel lesser by 6 pesos a liter, while unleaded can see
00:20a 10 peso drop, as our Mary Vell Custodio reports.
00:25The House Committee on Ways and Means is studying the possible suspension of the excise tax on petroleum products.
00:32This follows a formal request of President Ferdinand R. Marcos Jr. for Congress to grant him emergency powers to implement
00:40the measure.
00:41In-empower natin ang executive, ang Pangulo, na alisin ang excise tax on fuel. Sa diesel, 6 piso. Sa unleaded,
00:5010 piso.
00:51So, ang expectation natin pag ipinasan natin ito at sinuspend ng presidente nga is automatically magkakaroon ka agad in that
01:00same week ng pagbaba ng 10 piso.
01:02Based on a report from Department of Economy, Planning and Development or DepDev, the inflation rate currently projected by 3
01:09.6% by the Bankong Sentral ng Pilipinas or BSP could rise as to high as 4.8% if
01:16oil prices continue to increase.
01:18However, if the suspension of the excise tax is implemented, the inflation may ease to around 4.3%.
01:25If the excise tax suspension takes effect, the price of diesel and kerosene could drop by 6 pesos per liter,
01:31while gasoline prices may decrease by 10 pesos per liter.
01:35While the Department of Finance or DOF supports the reducing of excise tax, it warned that more than P294 billion
01:43in excise tax and value-added tax from imported petroleum products were collected last year.
01:49If the tax is suspended, the government could lose around P37 billion in revenue.
01:54Meanwhile, DOTR is coordinating with LTFRB, DICT, and DILG for the distribution of fuel subsidies to public transport drivers.
02:04A total of 2.5 billion pesos had been allocated, with subsidies ranging from 4,500 to 10,000 pesos
02:12for jeepney drivers.
02:14Meanwhile, 12,500 pesos may be given to each TNVS driver, 1,800 pesos for delivery riders, and more than
02:231,000 pesos for every tricycle unit.
02:26While Department of Energy Secretary Sharon Karin assured that the country's fuel supply remains sufficient until April.
02:32And crude oil is not a big issue, because Petron, I think, can have access to crude oil.
02:39They have Malaysia also, and all the other options.
02:43It's the direct and indirect supply of the finished products.
02:49So, when we had, we've had several meetings with the oil companies already, and they have assured us, they have
02:55stock, which is here in the Philippines already, and in the route.
02:59And that's sufficient enough until April, Mr. Chair.
03:02So, if the pronouncements of President Trump is true, then that it should last just four weeks, then the Philippines
03:12is still in a good stage.
03:14However, if tensions between Iran and the United States persist, the agency said it will continue to prepare the possible
03:20effects, particularly on fuel supply.
03:23Committee Chair, Miro Kimbo, also suggested re-evaluating petroleum pricing to determine whether oil companies are abusing price adjustments.
03:32Kapag nagtaas ang quality ang world market, adjust ka agad sila in less than a week.
03:36Pero pag bumababa naman ang presyo sa merkado internationally, hindi naman maramdaman ang taong bayan sa gasulinhan yung pagbabang ito.
03:44Although the DOE no longer has the authority to regulate petroleum prices due to the oil deregulation law, the agency
03:51is now conducting inspections in coordination with the PNP and the ILG.
03:55The inspections aims to hold accountable operators of gasoline stations found to be abusing petroleum pricing.
04:02Vel Custodio, for the National TV Network, for a new and better Philippines.
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