The government is maintaining its ₱360 billion excise tax target for this year, betting on domestic resilience even as the government prepares to potentially sacrifice billions in fuel revenue to offset Middle East oil shocks. This comes despite the likelihood that President Ferdinand Marcos Jr....
Senate President Panfilo “Ping” Lacson on Sunday, April 5, called for a decisive—even “extreme”—government intervention that would shield Filipinos from the relentless surge in petroleum prices. In an interview on radio DZBB, Lacson said the government ought to disclose its actions...
Senator Christopher “Bong” Go on Thursday, April 2, called on the government to implement a more responsive fuel relief mechanism in light of the oil price surges. Go, made the appeal even after the President’s signing of the law temporarily suspending excise tax, raising concerns over...
The Makati Business Club (MBC) is urging President Marcos to reconsider the use of emergency powers to suspend or reduce fuel excise taxes, warning that such a move would drain revenue essential for supporting vulnerable sectors. In a statement on Wednesday, April 1, the business group said the...
The Bureau of Internal Revenue (BIR) clarified that cross-border services, including information technology outsourcing and consulting, are not subject to automatic income tax, easing concerns among multinational firms about the 2024 rule, which appeared to broaden the government’s reach. In a...
As the April 15 deadline for the filing of annual income tax returns (ITRs) approaches, Sen. Sherwin Gatchalian called on the Bureau of Internal Revenue (BIR) to ensure the full and effective implementation of the law that makes filing of such document easier and faster. Gatchalian is referring to...
Senator Loren Legarda is set to file the Bayanihan Power to the People Act, or the so-called Bayanihan 3 Law, which seeks to establish a decisive government framework in addressing the impacts of the global oil crisis on Filipino households and the national economy. Legarda stressed that Executive...
The Makabayan bloc in the House of Representatives have filed measures seeking to repeal the much-panned Oil Industry Deregulation Act, as well as the imposition of a billionaire wealth tax amid successive and hefty fuel price hikes. Lodged by the militant solons at the legislative chamber were...
With tough times ahead, austerity is the new buzzword. Yes, Virginia, we are in belt-tightening mode. The legs of inflation have walked their way into every aspect of basic services, with no apparent de-escalation of hostilities on the horizon. As an emerging economy, the Philippines is believed to...
Malacañang assured Filipinos that the government will take every action "within the bounds of the law" to cushion impacts caused by the ongoing crisis in the Middle East. "Ang gobyerno po, lahat ng puwedeng gawin within the bounds of law ay gagawin po (The government will do everything it can...
President Marcos has signed the law giving him emergency powers to suspend or reduce excise tax on petroleum products. Marcos signed Republic Act (RA) No. 12316 on Wednesday, March 25, fulfilling what he said earlier in the day that he would be signing the measure into law within the day. Under...
President Marcos said he might sign the bill seeking to suspend the fuel excise tax by Wednesday, March 25. In a press conference in Malacañan on Wednesday afternoon, Marcos confirmed that he has received the copy of the bill. "Natapos na ang kanilang pag-aaral doon sa batas na 'yan at nasa...
