Senator Bam Aquino said he will monitor the implementation of the suspension of excise taxes on fuel products if it plan pushes through.
The House of Representatives of the Philippines and Senate recently passed a measure authorizing the president to suspend excise taxes on petroleum products amid the ongoing national crisis.
“We will be monitoring itong excise tax suspension, and kung gagamitin ito ng Presidente, which we hope he will, para makatulong sa ating mga kababayan, we need to ensure na magre-reflect ito sa presyo sa mga gasoline stations,” Aquino said.
He added that the suspension of excise taxes on petroleum products will result in a significant drop in fuel prices.
“Sabi nga, ang pagtaas parang fast and the furious, pero ‘yung pagbaba ay napakabagal. But this will be a significant decrease, and we need to make sure na makikita ito ng taumbayan,” he added.
The senator also assured that he will monitor the compliance of oil companies once the measure is implemented.
“Mahalaga na mabantayan ang oil companies. Kapag tinanggal ang excise tax, dapat masiguro na bababa ang presyo sa gasolinahan. If the President decides to use this power, the Senate will exercise its oversight function to make sure that this is reflected in the prices people see,” Aquino said.
