LEYTE Rep. Ferdinand Martin G. Romualdez on Tuesday welcomed the approval of a substitute bill authorizing President Ferdinand “Bongbong” R. Marcos Jr. to suspend or reduce excise taxes on oil products under certain conditions.
Romualdez said the bill would give the President flexibility in responding to the oil crisis and price volatility and help the people, especially the poor and the vulnerable.
“An excise tax suspension or reduction will be a big relief to our people at this time of soaring fuel prices. A suspension would mean a retail price reduction of P6 to P10 per liter,” Romualdez said.
Romualdez’s House Bill (HB) No. 5779 was one of 15 bills and two joint resolutions tackled by the House Committee on Ways and Means in its hearing Tuesday.
His proposal was to permanently scrap excise taxes on oil products and provide lasting relief to the public.
“That would have been the ideal measure, but I also understand the need for the government to continue relying on billions in excise tax collections for vital social services,” Romualdez said.
At the same time, he called on oil companies to reveal the volume of their respective inventories on which they have already paid excise levies.
He called after oil company reps said they had to use their taxed stocks before they could suspend or lower retail prices by P6 to P10 per liter.
They should declare which stocks they would sell with excise taxes and which supplies are coming that they would sell without these levies. This is for the benefit and guidance of our people, Romualdez stated.
They should declare which existing stocks will be sold with excise taxes and which incoming supply will be sold without these levies, so our people are properly guided,” Romualdez said.
