Press Release
October 4, 2018

Sen. Bam Aquino nanawagang pigilan ang dagdag buwis sa gasolina ngayong Enero

Sen. Bam Aquino is the first lawmaker to call for a stop to the additional excise tax on fuel, saying government should halt the P2 levy on oil products come January 2019 and help alleviate the rising prices of petroleum products.

"Kasabay ng pagtutol ko sa TRAIN Law noon, nagpasok tayo ng amyenda na magsisilbing pang-preno sa nakatakdang round 2 ng taas-buwis para protektahan ang masasagasaang Pilipino," Sen. Bam pointed out, adding that the prices of oil in the world market have already breached the $80 per barrel mark.

The said safeguard, dubbed as the "Aquino Amendment" calls for the suspension of excise tax on petroleum products if the average price of oil in the global market reaches $80 per barrel in the next three months. If implemented, the P2 additional excise on petroleum products on January 2019 will be suspended.

In a privilege speech on Wednesday, Sen. Bam said the Department of Finance (DOF) should come up with a process that will properly implement the safeguard to help ease the burden of Filipinos due to high prices of food and other goods.

"Let's call on the DOF to issue clear and actionable guidelines, timelines, rules and regulations on how the suspension can possibly work," said Sen. Bam.

"Sa round 1 pa lang ng taas-buwis sa petrolyo ng TRAIN Law, bugbog sarado na ang mahihirap. Baka sa round 2 ngayong Enero, ma-knock out na tayo," said Sen. Bam.

"Dapat gamitin ng gobyerno ang prenong ito sa ating batas para makatulong sa mga mahihirap na nalulunod sa taas presyo," Sen. Bam added.

Sen. Bam is also pushing for the passage of Senate Bill No. 1798 or the Bawas Presyo Bill, which will suspend the collection of excise tax on fuel once inflation rate breaches the annual inflation target over a three-month period.

Sen. Bam has passed a total of 27 laws, 10 as a member of the opposition. He helped the administration pass the landmark law making college education free in public universities and colleges. He is the principal sponsor of R.A. 10931 or the Universal Access to Quality Tertiary Education Act.

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