MANILA - President Rodrigo Duterte should reconsider the implementation of the second round of tax hikes on fuel, senators said Wednesday, a day after the chief executive supposedly approved the recommendation of his economic team.
With Duterte's approval, the price of diesel in January 2019 is pegged at P37.76 per liter, while gasoline is expected to be sold at P50.82 per liter, inclusive of a P2-excise tax, Budget Secretary Benjamin Diokno earleir told reporters.
Senator Francis Escudero filed Senate Resolution No. 964 to formally ask the President to postpone the proposed fuel tax hike next year.
"It is best to suspend the implementation of the second tranche of fuel excise tax right away or that the suspension be swift in 2019 so as to effectively address inflation, before it again directly affects the lives of every Filipino," Escudero said in his resolution.
The second round of oil tax hike should not be implemented as it is "premature and impulsive," opposition Senator Risa Hontiveros said in a statement.
"Despite the series of oil price rollbacks, the peso cost of petroleum products has been and remains quite high as a result of the depreciated peso, she said.
Under the TRAIN law, the implementation or suspension of the excise tax on fuel depends upon the recommendation of the Department of Finance (DOF) and the Development Budget Coordination Committee (DBCC) to the President.