House Speaker Bojie Dy Open to Amending Law to Reduce Oil Tax
House Speaker Bojie Dy III has declared his openness to amending existing legislation to lower taxes on oil products. This statement comes in direct response to President Ferdinand Marcos Jr.'s recent announcement that he plans to engage with congressional leaders to discuss granting him the authority to reduce oil taxes. The President's primary objective is to shield Filipino citizens from the adverse effects of rising global oil prices.
Protecting Citizens from Economic Impact
Speaker Dy emphasized that when Dubai crude prices exceed $80 per barrel, the repercussions are felt across the economy, notably in increased transportation fares, higher food costs, and elevated prices for other essential goods. In light of this, the House of Representatives is prepared to collaborate with the Senate to thoroughly review and, if deemed necessary, amend the law. This would empower the President to lower excise taxes during periods of severe oil price inflation.
Support for Government Efficiency Measures
Furthermore, Dy voiced his support for calls directed at government agencies to implement energy conservation measures amidst the ongoing tensions in the Middle East. He stressed that in facing these challenges, the government must act with compassion, accountability, and preparedness, always prioritizing the welfare of the people.
The move underscores a proactive legislative approach to economic stability, aiming to mitigate the financial strain on households and businesses caused by volatile international oil markets.
