Specially Now When Filipinos Are Barely Recovering From The Almost Three Year Global Economic And Health Crises Caused By Covid 19 Pandemic News Today : Breaking News, Live Updates & Top Stories | Vimarsana

(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 Sur , Camarines Sur , Luis Raymund Villafuerte , Bangko Sentral , Department Of Energy , Philippine Statistics Authority , Tax Reform , Malacanan Palace , Ile 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 Statement , Amarines 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 Products , N Turn , Ave 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 World , Uot Villafuerte Said He Cited The Philippine Statistics Authority Psa Report That Inflation Soared Toa 14 Year Record Of 8 1 Percent Last December , He 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 Prices , Oting 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 Living , Specially Now When Filipinos Are Barely Recovering From The Almost Three Year Global Economic And Health Crises Caused By Covid 19 Pandemic , Uot He Said The Excise Tax Is Currently Pegged At Php10 Per Liter Of Regular And Unleaded Premium Gasoline Php6 Diesel , E Noted Quot Add To This The Vat Value Added Tax Of 12 Percent , Nd Anyone Could See How Taxes Have Resulted To The Hefty Increase Not Only In Price Of Fuel Itself But Also Cost Other Goods That Rely On For Their Production And Or Transportation , Uot He Said The Retail Cost Of Gasoline And Diesel Went Up By Php1 30 Per Liter , On Tuesday , He Third Successive Upward Adjustment In Pump Prices This January Prior To Week 39s Round Of , A Monitoring Report Of The Department Energy Doe Showed That Prices Since Start January Already Logged Per Liter Net Increases Php5 90 For Gasoline And Php2 05 Diesel Pna ,