MEAGER COMPROMISE? | DOF proposes P200 monthly aid, rejects calls for excise tax suspension

March 16, 2022 , 01:28 PM

By Beatrice Puente

(March 16, 2022) – Despite calls to suspend the excise tax, the administration of President Rodrigo Duterte believes that this is not the ideal solution to cushion the impact of the soaring oil prices in the country, proposing to give out a monthly subsidy to poor families instead.

Department of Finance secretary Carlos Dominguez III suggested providing P200 every month to select low-income families for a year, possibly allocating a P33.1 billion budget. It will cover the lower half of all households nationwide.

“We realize this is not enough but this is what we can afford at this time. To make sure our finances going forward and especially for the next administration are still going to be healthy, this I believe is what we can afford,” said Dominguez during the late-night public address of Duterte aired on Wednesday.

Dominguez said suspending the excise tax might be more detrimental to the country due to foregone revenues, possibly forcing the country to rely on more loans. By keeping the excise tax, he projects that the revenues will be pegged at P26 billion to P34.6 billion if the Dubai crude, the standard for oil prices in the Philippines, ranges from $110 to $125 per barrel.

On Tuesday, the energy panel of the House of Representatives asked Duterte to call for a special session of Congress to allow lawmakers to pass a measure that would help arrest the skyrocketing fuel prices. Some groups also held a protest to push for a more proactive response from the administration.

But Duterte said he could not decide on his own and pointed out that the Cabinet is a “collegial body.” He said he listens to the analyses of his officials before deciding on policies.

“Kapag ganitong sabayan na, I have told you, it would be a consensus. Collegial body rin itong presidency in the sense that I have my Cabinet which I consult. Tinatanong ko secretaries ko kung ano mabuting gawin at pag-aralan,” said Duterte.

Lawmakers from the same committee have already passed a bill amending the Oil Deregulation Law to push for the unbundling of oil costs. It also seeks to establish the minimum inventory requirements to ensure the security of fuel supply as the world faces economic impacts from the war between Russia and Ukraine.

The Department of Budget and Management has released P3 billion for the fuel subsidy for drivers and operators and around P500 million for agricultural and fisheries sectors. Another round of fuel subsidies will be provided next month.

For the 11th straight week, fuel prices have increased, with each liter of gasoline rising by P7.10, diesel by P13.15, and kerosene by P10.50, based on assessments. In total, the oil prices have increased by around P20.35 to P30.65 since the year started.

“These are policies na sinusunod ng lahat at hindi ko basta-basta na ako lang ang magsalita o ako ang mag-decide. Hindi sa akin yan, sa lahat,” said Duterte.

(PM)

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