00:00The proposed piece of legislation seeking to empower the President to slash or suspend the excise tax on fuel and
00:07petroleum products just passed muster at the House Committee level.
00:11The measure, if enacted, will automatically amend the National Tax Revenue Code but needs the green light from the Development
00:18Budget Coordination Committee as we hear more from our Maryvale Custodio.
00:25The House Committee on Ways and Means has approved the proposed bill that would give President Ferdinand R. Marcos Jr.
00:32the authority to suspend or reduce the excise tax on petroleum products in times of national or global crisis that
00:39cause a sharp increase in oil prices.
00:42The proposal aims to protect the Filipinos from impact of rising oil prices, especially amidst escalating tensions in the Middle
00:49East.
00:50Under the measure, 6 pesos per liter may be deducted from diesel prices, while 10 pesos per liter may be
00:57cut from unleaded gasoline.
00:59Based on the proposal, if the price of Dubai crude oil reaches or exceeds $80 per barrel, the President may
01:06order the temporary suspension or reduction of the fuel excise tax for up to six months, which may be extended
01:13up to one year if necessary.
01:14Under the bill, which amends the National Internal Revenue Code, the President may suspend or reduce excise tax on petroleum
01:23products upon recommendation of the Development Budget Coordination Committee or DBCC.
01:29Secretaries of Finance, of Budget, of Dep-Dev, BSP Governor, as well as the Department of Energy will now take
01:36part in making the recommendation.
01:39The measure also requires the President to submit a report to Congress within 15 days from the implementation of the
01:46suspension and monthly reports thereafter through the Finance Secretary.
01:50The report must detail the basis of the decision, estimated revenue loss to the government, and the expected effects on
01:57inflation, fuel prices, and economic activity.
02:00Sabi ng mga oil companies kanina is that, papano yun? Meron kami mga inventory na nakapagbayad na kami ng excise
02:08tax. Kami ba i-re-reimburse o ibabalik ba sa amin yun?
02:12Dahil ang excise tax, binabayaran yan, hindi parang VAT yan na binabayaran sa pagbili ng consumer, binabayaran ito pagpasok sa
02:22Pilipinas.
02:23Committee Chairperson Representative Miro Kimbo is stressed that the public must immediately feel the effect of lower petroleum prices.
02:31He proposed oil companies that have already paid excise tax before the suspension be given tax credit instead.
02:39The Department of Energy or DOE assured the lawmakers that it can monitor the volume of fuel entering the country
02:45and ensure compliance with any order to suspend or reduce the excise tax.
02:50Since we issue acknowledgement letters as to the notices of importation, from there we can see the volume that is
02:59coming, as well as if mandated by the law and any orders,
03:05we will be directly requiring the oil companies on a day-to-day volume of their selling so as we
03:15can compare it to the import volume that we have on file and then as to their distribution side.
03:23The DOE is also seeking help from the National Pricing Coordinating Council and its local counterparts to assist in monitoring
03:31petroleum prices,
03:32especially with around 14,000 gas stations nationwide that needed to be monitored.
03:37The government says this move is aimed at easing the heavy burden on Filipinos caused by continuing surge in petroleum
03:44prices.
03:44The committee is targeting to have the measure passed on the second and third reading at the House plenary this
03:50week
03:51and sent to the Bicameral Conference Committee next week.
03:54Vel custodio for the National TV Network for a new and better Philippines.
Comments