SPEAKER Ferdinand Martin Romualdez is set to gather major oil players and the Department of Energy’s officials today to explore “win-win” solutions that will address the seemingly endless series of oil price hikes. The gathering will include the review of the imposition of excise tax or value-added tax (VAT) on…
[FILE] Pump prices are shown at a gasoline station on Quirino Avenue in Manila, August 7, 2023.
Romualdez and House Committee on Energy officials will hold the 3 p.m. meeting at the Batasang Pambansa Complex in Quezon City. The provisional authority of the Tax Reform for Acceleration and Inclusion Law or “TRAIN” to suspend the fuel excise tax imposition whenever the $80-price cap is breached ended in 2020.“We will try to find a win-win solution for our people and, of course, those in the oil industry,” the House Speaker said.
Invited to attend the consultative meeting as of Sunday were leaders of the House Committee on Energy, DOE officials led by Undersecretary Sharon Garin, Mia Delos Reyes of Petron Corp., Timothy James Laurel of Pilipinas Shell Petroleum Corp., Tanya Samillano and Romina Antonio of the Independent Philippine Petroleum Companies Association, representatives from Chevron Phils. Inc., the Philippine Institute of Petroleum, Flying V, and Total Philippines Corp.
“Also, one possibility to look [into] is suspending the collection of excise taxes or VAT on oil and petroleum products, depending on the Palace’s plan after hearing our report of the result of this meeting,” he said.ROMUALDEZ is also planning to talk to food manufacturers as well as the supermarket association after hinting that they, too, are planning to raise the prices of common goods with the series of oil price hikes.
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