Manila, Philippines – Senator Imee Marcos has renewed her call to suspend the value-added tax (VAT) on petroleum products amid the continued surge in oil prices.
According to Senator Marcos, many fishermen from General Santos to Zamboanga have stopped going out to sea due to the high cost of diesel.
She warned that this could threaten the livelihood of small-scale fishermen across the country.
Farmers and other agricultural producers are also affected, as they rely heavily on fuel for production.
The reported halt in operations among farmers and fishermen, she said, could lead to a possible shortage in food supply.
Marcos is urging the government to temporarily suspend the VAT on oil to ease the burden brought by rising fuel prices.
Since the conflict in the Middle East began, had already asked Congress to grant him authority to suspend fuel taxes.
Both houses of Congress acted on the request.
On March 25, the President signed into law Republic Act No. 12316, which grants him the power to suspend both excise tax and VAT on petroleum products.
Under the law, the President may suspend these taxes upon recommendation of the Development Budget Coordination Committee (DBCC) and the Department of Energy, once Dubai crude oil prices reach 88 US dollars per barrel.
However, as of April 2, the price of crude oil in Dubai has already surged to 105 US dollars per barrel.
Despite this, the President has yet to exercise his authority to suspend VAT on fuel products.–Krizza Lopez, Eurotv News