(Eagle News) — The country’s economic managers have withdrawn their recommendation to suspend the implementation of the second round of increase in the excise taxes of petroleum products under the Tax Reform for Acceleration and Inclusion Law.
Finance Secretary Carlos Dominguez and Budget Secretary Ben Diokno made the announcement in a press conference on Thursday, Nov. 29.
According to Dominguez, the decision to push through with the increase was arrived at by the Development Budget Coordination Committee in a special meeting, following the continued decrease in the prices of Dubai crude in the world market, among others.
The DBCC also took into consideration the impact of a suspension on government revenues and spending next year.
Economic managers earlier announced the suspension of the second round of increase in the excise taxes of petroleum products to arrest inflation expectations and help the government go after hoarding and profiteering.
Under TRAIN, the increase in the excise tax on petroleum products can be suspended if the three-month average price of Dubai crude based on the Mean of Platts of Singapore reaches or breaches 80 US dollars from October to December this year.
