00:00Sir, how about the VAT po on fuel products? Will it be discussed din sa affiliate meeting, yung sa VAT
00:05na are concerned po to suspend the VAT?
00:07I think it's time to explain. You know, here's the thing with the VAT, especially the VAT on petroleum products.
00:16The VAT on petroleum products, we are going to get a windfall profit from that because tumaas yung presyo ng
00:26krudo.
00:30And because of that, all the importations will have at the present VAT rate, we will get extra funds from
00:39that.
00:41Those, if we take away the VAT on petroleum products, it will only help the petroleum market.
00:51What we need is funding to help the entire society.
00:56Hindi pwedeng, yun lang, ititignan lang natin is the petroleum, petroleum, petroleum.
01:01Kasi sinasabi ng mga tao, bakit puro transport workers lang ang tinutulungan nyo?
01:05Paano kami? Bakit eh?
01:07We also have to take care of the other sectors.
01:10So, with the additional funding that we will get from the VAT collections, yun ang gagamitin ngayon natin to provide.
01:16So, that fund will not exist if we remove the VAT on petroleum products alone.
01:25So, that's the reasoning behind.
01:30We will still examine it.
01:32You know, like I keep telling you, there's nothing that we are not looking at as a possible option.
01:40We are looking at all the options.
01:42If the time comes that it really calls for, if the time will come that VAT should be brought down
01:49for whatever products,
01:50then we will certainly study it very well.
01:53Right now, the balance, the cost-benefit analysis between the VAT collections and the benefit to people, to ordinary people,
02:04are still favors that we collect VAT and we use the extra funds to provide subsidies, to provide cash benefits,
02:15to provide all of those subsidies that we have been able now to provide, that we have to provide now,
02:23to normalize people's lives.
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