NAVOTAS Representative Toby Tiangco has filed a House and Senate joint resolution urging President Ferdinand “Bongbong” Marcos Jr. to temporarily suspend the collection of Value-Added Tax (VAT) on all fuel products amidst the ongoing conflict involving Iran, Israel, and the United States.
“The continuing conflict is expected to cause significant increases in fuel prices, which will in turn also affect the price of basic commodities,” Tiangco stated.
He emphasized that a temporary VAT suspension on fuel is crucial to help Filipino consumers cope with the rising costs and mitigate the economic burden during this turbulent period.
Tiangco also highlighted Iran’s membership in OPEC and the potential threat the conflict poses to global oil supply and market stability. While the government has already allocated fuel subsidies for public utility vehicle drivers, operators, farmers, and fisherfolk, he stressed that these measures might not be sufficient.
“To safeguard the welfare of the Filipino people, it is vital for the government to take proactive steps in mitigating the economic impact of volatile fuel prices,” Tiangco concluded.
metrosundaily
