MANILA, Philippines – Senator Sherwin Gatchalian has called on the Department of Energy (DOE) to create a task force that will closely monitor the implementation of the new round of increases in excise tax on fuel.
Gatchalian made the call as the third and last tranche of tax hikes on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) law took effect on Wednesday, January 1, 2020.
He said that under the TRAIN Law, the estimated rate impact on pump price for unleaded premium gasoline would be around ₱1.01 per liter, while the estimated rate impact of the third tranche of the excise tax on diesel price is ₱1.65 per liter.
For 100 percent coal contracted power distribution utilities, the estimated rate impact is around ₱0.03 per kilowatt hour.
The senator said the creation of the task force is aimed to protect consumers from premature price increases and profiteering.
“Kailangan paigtinging mabuti ng Department of Energy (DOE) ang pagbabantay laban sa hoarding at profiteering sa bansa ngayong nakaamba ang dagdag na excise tax sa huling pagkakataon,” Gatchalian said in a statement.
“Huwag na nating hayaan ang ilang mapagsamantalang retailers na ibenta sa mataas na halaga ang kanilang mga lumang imbentaryong produkto, gayong nabili nila ito bago pa man maimplementa ang third tranche ng excise tax sa fuel,” he added.
Gatchalian noted that local oil companies maintain a minimum inventory equivalent to 15-day supply of petroleum products as provided under DOE’s Department Circular No. 2003-01-001 or the Implementing Guidelines for the Minimum Inventory Requirements of Petroleum of Oil Companies and Bulk Suppliers.
The DOE earlier said the new round of fuel tax hikes are only applicable to new stocks imported beginning January 1, 2020. It also advised oil firms to deplete old stocks before implementing new price schemes reflecting the new levies.
Gatchalian also called on the Department of Trade and Industry (DTI) to monitor the prices of goods in the market in order to ensure that unscrupulous businessmen will not take advantage and pass on the impact of higher oil prices to consumers as a result of the third tranche of the TRAIN law implementation.
“Mabigat na sa bulsa ng bawat isa ang pagpataw ng excise tax sa krudo. Sana naman ay huwag na natin dagdagan ang pasanin ng taong bayan sa pamamagitan ng hindi makatarungang pagtaas ng presyo ng mga pangunahing bilihin,” he said.
MANILA, Philippines — The Department of Transportation announced on Monday (December 30) on its official Facebook page that it has already distributed to more than 100,000 legitimate jeepney operators another round of fuel subsidy under the Pantawid Pasada Program (PPP).
Each operator received Php20,514.76, deposited to their Pantawid Pasada Cash card which they or their driver can use in purchasing fuel.
In total, the government has distributed more than Php2.2-Billion subsidy to jeepney operators nationwide.
The transport group, Pasang Masda, undermined the said government aid saying that such is not enough for the drivers and operators to recover from the effects of the additional excise tax on petroleum prices brought about by the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
Pasang Masda president Obet Martin said a driver spends between Php1,500 and 2,000 every day for diesel.
Although the group admitted that the PPP aid could be of help to their sector, its effect on their expenditures is very minimal.
“So ilang araw lang yun? 10 days lang yun. So pagkatapos nun nganga ang driver. Tulong rin ito pero pansamantala lang,” he said.
The group believes that the only solution for them to recover from the heavy effect of the excise tax on petroleum products is the implementation of a fare hike on jeepneys.
The group, along with other transport groups, plans to file their petition before the Land Transportation Franchising and Regulatory Board (LTFRB) in January 2020 which seeks to have the minimum jeepney fare raised to Php11.00.
The group clarified, however, that they are not opposed to the implementation of the TRAIN Law, as they see the benefits it brings to the government’s Build, Build, Build Program.
This early, the group seeks the commuting public’s understanding amid the impending filing of petition for a fare increase.
“Unawain nyo po ang aming katatayuan sapagkat kayo po ay inuunawa naming. Ayaw namin magtaas, subalit diktado ng pandaigdigang merkado yung pagtaas ng presyo ng petroleum products,” Martin said. (from the report of Joan Nano) /mbmf
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Tuesday assured the public that banks’ charges on automated teller machine (ATM) transactions will not be increased without its approval.
In a statement, the BSP said it will examine each request and decide if the adjustment in ATM fees is warranted to cover the cost of maintaining the ATMs.
“Should an increase be necessary in order for banks to continue providing ATM services to the banking public, the BSP will ensure that the increase will be reasonable,” it said, adding that adjustments will adhere to pricing principles provided under BSP Circular No. 980 dated 6 November 2017.
The BSP made the statement after concerns on a possible increase in ATM fees following the lifting of the six-year moratorium in charge hike this year.
Makati Rep. Luis Campos Jr. earlier sought an inquiry into the possible increase in ATM charges amid concerns that banks would jack up charges by as much as 50 percent based on the rates they proposed before the moratorium was implemented in 2013.
“The BSP assures the public that its policy on ATM fees is guided by best industry practices and that it is driven with the broader welfare of consumers in mind,” it said.
“Towards this end, the BSP has issued regulations that require banks to adhere to the principles of reasonable and market-based pricing in their ATM operations. As such, banks cannot increase the ATM fee on their own,” it added.
The BSP said that any bank that intends to adjust ATM fees must file a request indicating their proposed fees, as well as the costs currently incurred by the bank with respect to its ATM activities.
The central bank said the costs declared should be “clear, properly supported,” and maybe validated by the BSP when deemed necessary.
The BSP also disallows the imposition of set fees arising from agreements between market participants.
In any case, the BSP said fees should be lower than the charges collected from transactions made over-the-counter (OTC) and comply with transparency in pricing.
UNTV is a major TV broadcast network with 24-hour programming. An Ultra High Frequency station with strong brand content that appeal to everyone, UNTV is one of the most trusted and successful Philippine networks that guarantees wholesome and quality viewing experience.