THREAD: The House Committee on Energy holds a hearing on calls to temporarily suspend the excise tax on oil and review the Oil Deregulation Law | LIVE bit.ly/3pL66YO 
DOE on calls to suspend oil excise tax: There's an opportunity for the government to suspend. But this suspension is only applicable within the timeframe... from 2018-2020. The period of suspension now has already lapsed.
DOE: Any plan for suspension shall now require another passage of a law.
DOE proposes to create an independent body with the sole function of reviewing the "reasonableness" of price adjustment
The Department of Finance says suspending the excise tax on petroleum products will be "detrimental" to PH recovery
DOF warns that if the government suspends all the fuel excise taxes, the Philippines stands to lose ₱147.1 billion in 2022
DOF says providing subsidy to the transportation sector will be "more equitable"
Transportation groups earlier urged the government to implement fare hikes amid rising fuel prices.
READ: bit.ly/3ErvNBo
READ: bit.ly/3ErvNBo
Transportation chief Arthur Tugade rejected the idea, but vowed to provide assistance to affected drivers, operators
Bayan Muna Rep. Carlos Zarate: It's very unfortunate na i-shutdown agad 'yung problema na 'yan. The DOF earlier cited na ang preference nila ay magbigay ng ayuda, that's a welcome move kahit belated. (1/2)
Rep. Zarate: Pero paano 'yung mahihirap na kababayan na apektado nitong domino effect nang pagtaas ng oil products? (2/2)
Zarate says the ₱1 billion allotted for affected PUV drivers is not enough to cushion the impact of surging gas prices
RELATED: bit.ly/3Gv8Vmn
RELATED: bit.ly/3Gv8Vmn
Juan Miguel Arroyo, Committee on Energy chairperson, asks the DOF to provide figures on foregone revenues on a monthly basis with the fuel excise tax deferment
DOF says the Department of Budget and Management will release ₱1 billion in cash aid for 178,000 PUV drivers. Each driver will receive about ₱5,000
The House Committee on Energy suspends its hearing on the calls to suspend the imposition of excise tax on fuel
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