House Deputy Speaker and 1-Pacman Party-list Rep. Mikee Romero is reiterating his call for his colleagues to do away with excise taxes on fuel products even as a House ad hoc panel discusses possible relief mechanisms for consumers amid soaring crude prices.
“Among these measures, the proposed suspension of fuel taxes is doable quickly. The others, like the review of the law that deregulated the oil industry, will take time to finish,” Romero said on Monday morning, March 7.
On Monday, the Fuel Crisis Ad Hoc Committee convened and invited energy stakeholders as resource persons for the purpose of coming up with possible actions or recommendations.
Department of Energy (DOE) Undersecretary Gerardo Erguiza in his presentation to the ad hoc panel identified the temporary suspension of fuel excise tax as one of its "long-term solutions" on the problem of skyrocketing fuel prices.
The panel meeting is still ongoing.
Romero said suspending oil levies will also have an immediate impact on the public, as it would reduce the pump prices of petroleum products.
“If the House, together with the Senate, and the President’s economic managers support this proposal and recommend to the President the calling of a special session, we can approve this measure in a day or two,” he said.
He explained that in order to shelve fuel taxes, Congress has to revive the automatic suspension mechanism under Section 43 of the Tax Reform Acceleration and Inclusion (TRAIN) Law of 2018.