Pacquiao supports suspension of fuel excise tax

Presidential candidate Senator Manny Pacquiao has said he is for the suspension of excise tax on fuel amid the increase in the pump prices of petroleum products.

Pacquiao added he is against any kind of tax increase, especially amid the pandemic when the economy has suffered and many Filipinos are unemployed.

“Kontra ako sa pagtaas ng taxes.  Ang kailangan natin ay palakasin ang non-revenue income tulad ng mga kinikita mula sa public utilities at mga GOCC (government-owned and controlled corporations),” he said.

(I am against any tax increase. What we need is to strengthen our non-revenue income like revenues from public utilities and GOCCs.)

He added he would support any move to hold a special session to rush the approval of the Senate bill seeking to suspend excise tax collection for petroleum products.

The House ways and means panel approved in November 2021 a substitute bill recommending the reduction or suspension of the excise tax on fuel products amid their increasing prices.

In October 2021, the Department of Finance said the government stands to lose P131.4 billion in revenues if the excise tax on petroleum products will be suspended.

Pacquiao said there appears to be a conspiracy to take advantage of the situation in the global oil market and recent movements in the US Federal Reserves.

“Naniniwala akong may sabuwatan (sa cartel) kaya dapat na silipin ang kanilang libro para malaman natin ang katotohanan dito,” he said.

(I believe there is a conspiracy so we should look into their books to know the truth.)

The senator said other sources of revenues should be explored to aid the government budget, instead of resorting to foreign loans, including the World Bank.

Pacquiao said the government should also have a say on the hike of fuel prices.

"Kailangan may say ang ating gobyerno, i-regulate nating mabuti 'yan. 'Yung mga private sector hindi naman sila basta-basta magkapagtataas ng presyo... Dapat talaga ang gobyerno may boses sa bawat aspeto, especially sa presyo ng mga bilihin," he said in media briefing in Pateros Tuesday.

(The government needs to have a say on that, let's regulate that well. The private sector could not just raise prices. The government should really have a voice in every aspect, especially in the price of commodities.)—AOL, GMA News