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House panel pushes excise tax cut in crisis | Jovee Marie de la Cruz

WITH their power of taxation and despite reservations from the government’s economic team, the Fuel Crisis Ad Hoc Committee has strongly recommended to the leadership of the House of Representatives approval of House Bill 10488 reducing excise tax on fuel products. In a letter to Speaker Lord Allan Velasco, the… ....

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House leader backs oil price unbundling

MANILA - A leader of the House of Representatives on Wednesday said Congress should review the unbundling of the oil prices and the inclusion of the minimum inventory requirements provision to the Oil Deregulation Law amid skyrocketing oil prices. House Committee on Economic Affairs Sharon Garin said the country experienced an average increase of PHP5-5.85 per liter in diesel prices and PHP3.6 per liter for gasoline. Garin further cited Mean of Platss Singapore estimates that by March 15, there would be PHP12.80 and PHP8.30 increases per liter of diel and gas. She said this is already an emergency, and Congress should at least mitigate the effects of the oil price increases to "our already ailing economy". "If and when, the House convenes a special session, there should be a review on the unbundling of the oil prices and the inclusion of the minimum inventory requirements provision to the Oil Deregulation Law as proposed by the Department of Energy (DOE) in the agenda. E ....

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Oil crisis sent 1.3 million more people into poverty, Salceda estimates

AN economist-lawmaker on Wednesday warned that continued oil price hikes will likely have resulted in some 1.3 million more people falling into poverty, driving inflation to as high 5.4 percent while undermining the country’s economic growth target for this year. House Committee on Ways and Means Chairman Joey Sarte Salceda… ....

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Salceda identifies beneficiary sectors of proposed 'Katas ng TRAIN' program

Lawmakers on Tuesday said their proposed P68.8-billion “Katas ng TRAIN” subsidies would cover power, fertilizer, relief program, social pension and fuel subsidies. Albay Rep. and House Committee on Ways and Means Chairman Joey Sarte Salceda said the “Katas ng TRAIN” program, alluding the “Katas ng VAT” programs conducted by the… ....

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Coco industry backs hike in CME blend

The local coconut industry has thrown its support behind the government’s move to increase the coco biodiesel fuel content to 5 percent from the current 2 percent this year, as this will both help the farmers and reduce the country’s carbon footprint. According to computations, increasing the blend to 5… ....

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