MANILA, Philippines — Sen. Manny Pacquiao, who is running for president, said on Tuesday that he will support any move by the Senate in holding a special session that will tackle the suspension of the excise tax collection on petroleum products as oil prices increase.
As it stands, the House of Representatives has already passed a measure calling for a moratorium on the collection of petroleum excise taxes.
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In a statement, Pacquiao said he "does not mind" if the Senate will call for a session to pass a counterpart measure, adding that he is against any form of tax increase that will affect Filipinos who are reeling from the pandemic.
"I am against hikes in taxes. What we need to do is strengthen the non-revenue income such as those from public utilities and government-owned and controlled corporations," he said in Filipino.
Pacquiao is running for president under the Cebu-based party PROMDI in this year's elections. His running mate is House Deputy Speaker Lito Atienza (Buhay party-list).
This week, local pump prices rose for the eighth straight week, as gasoline went up by by P0.8 per liter (/L), diesel by P0.65/L; and kerosene by P0.45/L.
The energy department has attributed the sustained increase in oil prices to tight supply in the global market, noting that geopolitical tensions between Ukraine and Russia may be contributing to the supply disruptions.
READ: DOE pushes for competitive prices, targeted relief amid continued oil price rise
Pacquiao, for his, part believes that an unnamed cartel of petroleum companies is "conspiring to take advantage" of the situation in the world's oil market and recent movements in the U.S Federal Reserves.
Since the start of the year, gasoline prices posted a net increase of P8.75/L; diesel rose to P10.85/L and kerosene went up by P9.55/L.
Lacson supports excise tax suspension
Another presidential aspirant Sen. Panfilo "Ping" Lacson believes it is a good idea to suspend excise taxes on gasoline prices since this will greatly help motorists and other members of the transportation sector.
In a statement on Monday, Lacson also called for a review of the Tax Reform for Acceleration and Inclusion (TRAIN) law, which details the excise taxes for various products including fuel. The law raised excise taxes on fuel in three tranches beginning 2018. The excise tax for gasoline is now at P10 per liter, P6 per liter for diesel, and P5 per liter for kerosene.
The longtime public servant also suggested that the government can look for alternative sources of energy in the exclusive economic zone in the West Philippine Sea, through joint explorations with foreigners who will agree to the Philippines having at least 60% of equity. For him, this is a "doable" option which may address the oil price hikes.