THE PALACE is currently studying a proposal asking President Rodrigo R. Duterte to declare a state of economic emergency due to rising oil prices. READ:
“This is carefully being studied by… the Office of the Executive Secretary,” the President’s spokesman, Jose Ruperto Martin M. Andanar said in a televised briefing.
The latest fuel price adjustments raised the price of diesel by P5.85 per liter , gasoline P3.60/L, and kerosene P4.10/L. The risk premium for oil has risen significantly after the Russian invasion. “We need to think long-term, to avoid coming to another situation like this in the future. So long as we are dependent on foreign oil, our prices will be the very volatile international arena as well,” he said in a Viber message on Tuesday.
The majority leader also backed electric vehicles for daily transport to reduce reliance on gasoline and diesel. “The provision of the TRAIN Law should be interpreted liberally, not just in light of suspending the increases in excise taxes but also its imposition,” he said. “It is a situation which calls for the liberal application of the law and for compassion.”
Under the TRAIN Law, Mr. Drilon said the DoF “may recommend the suspension of the excise tax on fuel” after an annual review. The DoE late Monday proposed to the President and other cabinet members that the Pantawid Pasada program be increased to P5 billion, and the P500-million fuel subsidy to farmers and fisherfolk be doubled to P1.1 billion.
The department has been pushing for the amendment of the Oil Deregulation Law to give the government the power to intervene in times of crisis.
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