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Bam Aquino calls for suspension of excise tax on petroleum products

Updated

By Marie Tonette Grace Marticio

TACLOBAN CITY – Sen. Paulo Benigno “Bam” Aguirre Aquino IV said it is time to suspend the excise tax on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) Act because the people are already drowning from high prices of goods.

Senator Paolo "Bam" Aquino IV (Bam Aquino Facebook page / MANILA BULLETIN)

Senator Paolo “Bam” Aquino IV (Bam Aquino Facebook page / MANILA BULLETIN)

According to Aquino, he recently filed a bill calling for the suspension of the TRAIN law and rollback on excise tax on petroleum products because he believes that it only increases the prices of commodities.

He noted that the inflation rate in the country has already exceeded the 4-percent acceptable range.

“Marami na tayong nakikitang rason kung bakit panahon na talaga na itigil na po muna itong buwas sa petrolyo dito sa ating petroleum products. I am hoping na kagaya ng libreng tuition at ng Bangsamoro Basic Law (BBL), pwede din po kaming magkaisa upang maibigay naman po ito sa taumbayan,” he explained.

He cited the problem with TRAIN Law is that it adds up to the burden of the Filipinos due to the increasing price of petroleum products in the world market and the weaker peso-dollar exchange rate.

“Baka ho maganda na sa Hulyo pagkatapos ng recess namin magkaisa rin kami upang ipreno po muna itong buwis na inilagay sa ating petroleum products dahil sobra-sobra na po talaga ang pagtaas ng presyo at ito po ramdam na ramdam po ng ating mga kababayan sa lahat ng sulok ng Pilipinas,” he added.

The senator noted that the suspension of the excise tax on petroleum products is a much simpler and faster solution considering that it was only implemented in January 2018, but there has been a notably “intense spike” in the prices of goods

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