Senators Says To Stop Inflation First Before The Economic Managers Push Fuel Tax Increase
INFLATION – Senators suggested the country’s economic managers to deal with inflation first before they proceed to the second fuel hike scheduled next year.
Senators Sonny Angara and Aquilino Pimentel III sent statements regarding the Development Budget Coordinating Council’s plan to proceed with the increase on the tax hike on diesel and gasoline which is scheduled in 2019.
Angara was the primary author on TRAIN law while Pimentel was the elected Senate President during the time when the Malacañang passed and enacted the measure.
Presidential spokesperson Salvador Panelo, on the other hand, said that the proposal will have to be rigorously discussed at a Cabinet meeting which is scheduled on Tuesday (December 4). Panelo further said that they simply cannot limit this issue in a purely economic perspective.
Panelo added that they noted the sentiments of the Filipino consumers and the President will certainly weigh in the social costs involved. This, however, must also be given to the dictates stipulated under the law, which only Congress can modify.
Lastly, he advised the public to wait for the President’s decision regarding this issue as his decision “will, as always, be based on national interest and benefit to the people”.
An article in Inquirer states that Angara noted the international price decrease of petroleum and will continue to decline next year yet inflationary pressures remain. The decline in global crude prices led to seven consecutive weeks of price rollbacks, with pump prices of gasoline and diesel decreasing respectively by ₱9.85 per liter and ₱8.40 per liter.
The ₱2 increase was enacted by TRAIN Law last January. Malacañang then suspended the increase as the prices of crude continued to soar even as economic managers predicted they would eventually stabilize by the end of the year.
Angara, however, said that it should not end there as these should be followed up by price rollbacks of basic goods. He further added that there is no information yet if the government has provided the social mitigating measures promised in full.
As per the report, Sen. Aquilino Pimentel III said that inflation is a “dangerous phenomenon which should be slain on sight when it rears its ugly head”. He further urged the economic managers that they should make up their minds on whether to fight inflation or pursue revenues. For Pimentel, he suggested that they should fight inflation.
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