Activist group Infrawatch PH urges government for quick action in shielding the consuming public from the string of oil price hikes.
Terry Ridon, Infrawatch PH convenor, said President Ferdinand Marcos Jr. could, for instance, issue an executive order fast-tracking the suspension of the value added tax (VAT) on oil products.
“We urge President Ferdinand Marcos Jr. to issue an executive order to fast-track the suspension of VAT on oil products. Every moment counts. An executive order can provide immediate relief to millions of Filipinos affected by the unabated price hikes,” Ridon said.
He said House Speaker Ferdinand Martin Romualdez’s dialogue with oil executives Monday has proven unprecedented but acknowledged the present situation “calls for more immediate measures.”
“While we commend Speaker Romualdez for leading the talks in finding a win-win solution to the oil price hikes, we do not have the luxury of time. Urgent action unencumbered by the legislative mill should be pursued,” Ridon said.
He clarified the group supports Romualdez’s call to open the Oil Deregulation Law to a congressional review.
“This 25-year-old law has long outlived its usefulness. Initially enacted in 1998, the law has led to frequent and unregulated price adjustments, affecting everything from public transportation to the cost of basic commodities. This law has given oil companies free rein over pricing and the public pays the price,” Ridon said.
Infrawatch also said the Department of Budget and Management (DBM) quickly release the fuel subsidy promised the transport sector.
The DBM earlier approved the release of P3 billion under the subsidy program targeting 1.36 million transport sector beneficiaries affected by the fuel price surge.
“Today’s oil price hike serves as dire warning for a nation already facing economic challenges. We are at a critical juncture. The government must act swiftly to avert a full-blown crisis,” Ridon said.
Earlier, the Department of Energy (DOE) said the fuel price hikes are seen persisting until the end of the year.
