Alarmed by the latest big-time oil price hike, Sen. Bam Aquino insists on implementing measures to suspend additional P2 excise tax on petroleum products scheduled for January 2019 under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
“Kung pumatak o humigit sa $80 kada bariles ang global prices ng krudo sa susunod na tatlong buwan, nasa batas na dapat suspindihin ang pagtaas ng buwis sa Enero 2019,” said Sen. Bam.
Sen. Bam was referring to a safeguard in the TRAIN Law where the excise tax on fuel will be suspended once the average Dubai crude oil price based on MOPS for 3 months prior to the scheduled increase reaches or exceeds $80 per barrel.
Sen. Bam added that the price of oil increased $80.8 per barrel today (Oct. 2).
“Bantayan po natin ang world prices at sumunod tayo sa nakasaad sa batas,” added Sen. Bam, who introduced the said measure of protection during deliberations on the TRAIN Law.
Meanwhile, Sen. Bam expressed alarm over statements by Budget Sec. Ben Diokno downplaying the effects of inflation on high prices of goods, especially food.
“Bigyan naman natin ng kaunting ginhawa ang mga kababayan nating nalulunod sa pagtaas ng presyo. Maghanap tayo ng paraan para arestuhin ang dagdag buwis sa petrolyo,” added Sen. Bam.
Sen. Bam is also pushing for the passage of Senate Bill No. 1798 or the Bawas Presyo Bill, which will suspend the collection of excise tax on fuel once inflation rate breaches the annual inflation target over a three-month period.
Sen. Bam helped the administration pass the law making college education free in public universities and colleges. He is the principal sponsor of R.A. 10931 or the Universal Access to Quality Tertiary Education Act.