If global crude prices will linger at $100 per barrel or higher amid the escalating Russia-Ukraine war, the DOF is eyeing up to P20.3 billion ‘war chest’ that the national government can funnel as fuel subsidy to critical sectors
If global crude prices will linger at $100 per barrel or higher amid the escalating Russia-Ukraine war, the Department of Finance is eyeing up to P20.3 billion ‘war chest’ that the national government can funnel as fuel subsidy to critical sectors – primarily to public utility vehicle drivers as well as farmers and fishermen.
“We have the figures for the January and February, the additional VAT collections were P3.0 billion…that’s our actual additional excess VAT collection for January and February. That’s based on actual volume,” the finance official said. She stressed the finance department is not amenable to proposals put forward by the Independent Philippine Petroleum Companies Association and other groups which have been calling for the suspension of excise taxes for petroleum products, instead, the approach will be to re-calibrate the grant of subsidies to the marginalized sectors.
Additionally, according to Brion, “the fuel discount for farmers and fisherfolk at P500 million in the February DBCC statement has been doubled to P1.1 billion — also to be released this month and in April.”
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