by magnolia_eic | Apr 25, 2011 | Headlines, National News
PRESIDENT Aquino has ordered a review of all oil price increases amid the rising prices of
commodities.
“We have to review whether a price hike is warranted or unwarranted,” the President said
during his brief visit to Davao City last Thursday.
Aquino explained that players in the oil industry should come up with a formula that would
ease the continuous oil price increase.
The President said he expects oil price increases to end with the resolution of the conflict in
the Middle East, except for Yemen and South Africa.
He also welcomed the positive developments in Libya where the contending parties have
started talking.
Aquino has refused calls, especially from the militant groups, for him to reduce or abolish the
value added tax (VAT) on oil products and scrap the Oil Deregulation Law.
The President said calls for such moves as “scrap the VAT” actually only sound good but are
not feasible at all.
He said that scrapping VAT would mean the loss of necessary source of funds for needed
government operations.
by magnolia_eic | Apr 7, 2011 | Headlines, National News
PRESIDENT Benigno Aquino III said he has instructed his economic managers to study all
possible measures that could ease the impact of high oil prices on vulnerable sectors.
The economic managers will consider things such as wage increase, price control, or even
deduction on value added tax (VAT), the President said in a chance interview at the sidelines of
an event at the budget department on Wednesday.
“I did instruct them to study all and every means of mitigating the spiraling oil prices especially
given the fact, that we don’t see a quicker solution to this. The first of the measures is
the ‘Pantawid Pasada’,” the President said.
The President said he expects the economic managers to come up with proposal as soon as
possible, or maybe next week, so he could decide if he’ll approve it.
Maintaining focus is important in addressing the needs of the most vulnerable sectors to ensure
that assistance are extended to them, according to the President.
At the same time, the chief executive expressed confidence that the country can weather the
crisis brought about by the increasing fuel prices as the government releases its previous
available savings.
The President also said that in the next few days the public will be hearing a lot more good news
as far as the economic field is concerned, including the country’s fiscal position. (PCOO)
