In response to the rising prices of commodities and inflation in the country, the Philippine government announced on Monday, October 15, 2018 that it will implement an executive issuance to suspend higher excise taxes on fuel.
President Rodrigo Roa Duterte’s decided to suspend next year’s scheduled tax hike on fuel products under the Tax Reform for Acceleration and Inclusion (TRAIN) law, Presidential Spokesperson Salvador Panelo said.
The decision to suspend excise taxes on oil products was based on studies made by the country’s economic managers.
Before the suspension can be made, the conditions imposed by law must first be met. If these are met then all that is needed is an official document validating the economic managers’ recommendation, Secretary Panelo said.