After one key government official admitted that the surge in the country’s inflation rate is sparked by high fuel prices, Sen. Bam Aquino renewed his call for the passage of his measure seeking to halt the excise tax on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
“Sa wakas, inamin na ng gobyerno na ang pagtaas ng presyo ng pagkain ay dahil sa taas ng presyo ng petrolyo. Pababain na natin ito. Itanggal na ang TRAIN Tax sa petrolyo,” said Sen. Bam, one of four senators who voted against the ratification of the TRAIN Law.
Sen. Bam was referring to Agriculture Sec. Manny Pinol’s pronouncement during the agency’s budget hearing that the high prices of fuel was the main reason behind the country’s high inflation rate, which was pegged at 6.4 percent in August.
“Sana kasabay ng pag-amin ay gawing urgent na din ang Bawas Presyo Bill para mabigyan naman ng kaunting ginhawa ang mga Pilipino,” said Sen. Bam, referring to his Senate Bill No. 1798.
Sen. Bam’s measure aims to suspend the excise tax on fuel under the TRAIN Law when the average inflation rate surpasses the annual inflation target over a three-month period.
The senator underscored the need to immediately pass the bill into law since there is a scheduled P2 additional excise tax on petroleum products under the TRAIN Law in January 2019.
“May krisis na ang Pilipinas sa bigas at taas presyo. Utang na loob, pagtulungan na natin ito alang-alang sa mga Pilipinong hirap na hirap nang umahon,” said Sen. Bam.
Vice President Leni Robredo supported the passage of the measure while members of the minority in the House — Miro Quimbo, Jorge “Bolet” Banal, Jose Christopher Belmonte, Gabriel Bordado Jr., Raul Daza, Jocelyn Limkaichong, and Josephine Ramirez-Sato – have filed their own version of the bill.
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