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(File photo) MANILA - A lawmaker on Tuesday said the temporary provision regarding the automatic fuel tax cut under the Tax Reform for Acceleration and Inclusion (TRAIN) law should be made permanent to bring down the cost of fuel and provide instant relief to the Filipino people. In a statement, Camarines Sur Rep. Luis Raymund Villafuerte said the TRAIN law's provisional authority to suspend the fuel excise tax whenever the USD80-price cap is breached ended in 2020. Villafuerte said the proposed tax suspension aims to shield ordinary Filipinos from "further adversities that may be caused by unforeseen economic downturns." "Geopolitical conflicts and other developments in world markets have been driving up the cost of petroleum products, which, in turn, have jacked up transportation expenses and food prices responsible for the seemingly unending elevated inflation that now threatens to slow the global economy and possibly even lead to recession in most parts of the wo

Lanao del surCamarines surLuis raymund villafuerteBangko sentralDepartment of energyPhilippine statistics authorityTax reformMalacanan palaceIle photo manilaa lawmaker on tuesday said the temporary provision regarding automatic fuel tax cut under reform for acceleration and inclusion train law should be made permanent to bring down cost of provide instant relief filipino people ina statementAmarines sur rep luis raymund villafuerte said the train law 39s provisional authority to suspend fuel excise tax whenever usd80 price cap is breached ended in 2020 proposed suspension aims shield ordinary filipinos from quot further adversities that may be caused by unforeseen economic downturns geopolitical conflicts and other developments world markets have been driving up cost of petroleum productsN turnAve jacked up transportation expenses and food prices responsible for the seemingly unending elevated inflation that now threatens to slow global economy possibly even lead recession in most parts of worldUot villafuerte said he cited the philippine statistics authority psa report that inflation soared toa 14 year record of 8 1 percent last decemberHe highest since the 9 1 percent clip in 2008 and ninth consecutive month 2022 that pace of commodity price hikes breached target range 2 to 4 set by bangko sentral ng pilipinas bsp stressed need finda quot surefire way cushion economic impact on ordinary filipino consumers fluctuating fuel pricesOting that the most feasible means to do this is through permanent suspension of excise tax imposed on petroleum products whenever global rate hits train set threshold usd 80 per barrel overa three month period quot best way for malacanan palace and 19th congress take edge off economic shock inflicted our consumers by never ending rise in cost livingSpecially now when filipinos are barely recovering from the almost three year global economic and health crises caused by covid 19 pandemic