00:00The price of crude in the world market jumped back to over $100 a barrel,
00:05ensuring yet another huge price hike at the pump next week.
00:09Still, there's a piece of good news.
00:11Consumers can sink their teeth in amid the latest oil price surge.
00:15The cost of essential goods is to remain stable in the foreseeable future.
00:20The full report, care of our Luisa Erispe.
00:25The Department of Trade and Industry continues to assure the public
00:29that the prices of food and other essential commodities will remain stable
00:33despite the surge in fuel costs.
00:35During the hearing of the Senate Committee on Ways and Means,
00:38the DTI confirmed it is in active coordination with manufacturers and retailers
00:43to prevent unauthorized price hikes.
00:46Minomonitor po namin ito on a regular basis
00:48kasi meron kami 18 regional offices nationwide
00:52and on regular times, minomonitor po nila ito on a daily basis.
00:57So in times like this, like crisis and calamities,
01:01we continue to monitor but mas mahigpit na po kami dito.
01:06The agency stated that the country maintains a sufficient supply of basic commodities,
01:11estimated to last for two months, which remains under strict monitoring.
01:15We have to make sure that the prices are down for now.
01:19They have informed us that there will be,
01:22that they have inventory that will last for the next two months.
01:26However, the DTI projects that any potential increase in commodity prices
01:31would likely stem from logistical and delivery costs
01:34rather than the cost of production itself.
01:36Consequently, the DTI is proposing a temporary moratorium on toll fees
01:40for vehicles delivering essential goods.
01:43We also recommend the temporary moratorium on toll fee
01:47for cargo and delivery vehicles transporting basic necessities
01:51and prime commodities products traversing the major expressway.
01:55Furthermore, the DTI is set to meet with 30 logistic firms
01:59to ensure delivery fees are kept at a minimum.
02:02Mag-me-meet din po kami this week with the 30 logistics companies
02:07where we have an MOU,
02:09where we work closely with them to make sure that
02:13kahit may calamities or may crisis,
02:16they keep their prices mababa po.
02:19So we will meet with them again this week
02:21to make sure that yung impact nitong crisis na to
02:27remains at a...
02:28we'll be able to control.
02:30Meanwhile, the Department of Energy suggested
02:32that permitting the importation of biofuels
02:34could help reduce pump prices nationwide.
02:38During the hearing of the Senate Committee on Energy,
02:40DOE's Secretary Sharon Garin explained
02:42that current laws require the exhaustion
02:45of local biofuels supplies before importation is allowed.
02:49However, data shows that local biofuels
02:51are significantly more expensive,
02:54priced at P75 compared to P37 for imported alternatives.
02:59The proposal is to allow importation
03:03if the price of the domestic is 5% more
03:08than the price of fuel, Madam Chair.
03:12So may limit naman siya
03:13and we limit it to a certain period
03:15para hindi naman siya institutionalized na
03:19only on certain circumstances lang.
03:22So the proposal is allow it
03:25when the price is more than 5%
03:28of the pure fuel, pure gas,
03:32only to a maximum of one year.
03:35Hopefully, it will be short term.
03:37However, local farmers,
03:39particularly those in sugar industry,
03:41have voiced opposition,
03:42citing potential economic losses to their sector.
03:45Senator Pia Cayetano emphasized
03:47the need to balance the interest
03:49of various industries.
03:50She added that while the proposed suspension
03:53of excise tax could lead to a revenue loss
03:55of P136 billion,
03:57the government aims to mitigate this
03:59through continued revenue
04:00from value-added tax.
04:02Hence, the current version of the bill
04:04granting emergency powers to the president
04:06does not include provisions
04:07to modify the VAT on petroleum products.
04:10Suspending VAT is the issue of suspending VAT
04:15is not because we don't want to suspend it
04:20because of the loss of revenue,
04:22but because the effect might actually be
04:24increase in the final price.
04:27Luisa Erispe from the National TV Network
04:30for a new and better Philippines.
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