Biz groups back suspension of fuel excise tax

PTVPhilippines

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00:00Some business groups are backing the suspension or reduction of excise taxes on petroleum products

00:05after President Ferdinand R. Marcos Jr. signed Republic Act No. 12316.

00:11The measure aims to ease rising fuel prices caused by tensions in the Middle East.

00:16Philippine exporters, President Sergio Ortiz Luis, said the country has sufficient oil supplies

00:22and multiple alternative sources available.

00:25He noted, however, that high oil prices remain a concern, making excise tax cuts a significant help for consumers and

00:33businesses.

00:55Sure.

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