Amid the High Pump Prices in PH, Malacañang Speaks on Tax Implementation
Malacañang spoke on the implementation of tax in the Philippines amid the soaring oil costs in the country.
The Philippines is currently faced with huge pump prices amid the war in the Middle East. Tehran has posed restrictions in the Strait of Hormuz and it is affecting the global oil flow.
The Strait of Hormuz is a vital passageway for global oil shipments. After the United States and Israel attacked Iran, Tehran banned the vessels linked to U.S. and Israel from passing the waterway.
U.S. Pres. Donald Trump previously warned Iran to open the Strait of Hormuz fully or it will blow up their power plants. However, what the threat earned back is another warning to fully close the Strait.
U.S. Pres. Donald Trump recently issued another warning against Iran to open the Strait of Hormuz or what the American President previously called as the “Strait of Trump”. According to him, if it won’t happen by Tuesday, they will blow up the power plants and bridges in Iran.
Amid the ongoing war in the Middle East, there were already several instances of bigtime oil price hikes in the Philippines. They have brought the diesel to P140 per liter and the price is even expected to cross P170 per liter on Tuesday. The Malacañang Palace assured the Filipinos that Marcos Jr. continues to work.
Previously, presidential sister and Senator Imee Marcos called on the state entities such as the SSS, the GSIS, the Pag-IBIG Fund, and PhilHealth to postpone the collection of the monthly contributions amid the soaring fuel prices in the Philippines. The delivery riders and jeepney drivers are already calling for long-term solutions.
There are also mentions of tax implementation amid the situation. Recently, Malacañang spoke on the continued implementation of taxes in the country amid the soaring fuel prices.
Based on News5, during a press conference, Malacañang press officer undersecretary Claire Castro stressed the need to balance a lot of factors. She stressed the importance of implementing tax in the country.
“Tandaan din po natin, ang tax ay lifeblood of the government. So kailangan po nating balansehin lahat,” the Malacañang official said.
Based on the post, Atty. Claire Castro also stressed that the Development Budget Coordination Committee (DBCC) had a meeting and they are already assessing the implication of the rising global oil prices. Furthermore, the Malacañang official also said that they are already evaluating the possible policy responses including the measures on the fuel excise taxes.
“Nag-formulate na po sila ng rekomendasyon at magkakaroon sila ng meeting tomorrow with the President para sa approval,” Castro said.
Previously, Senator Loren Legarda slammed the Marcos Jr. administration over the suspension of fuel excise tax.