The Department of Finance maintained that the government should continue the more targeted approach of fuel subsidy as it warns against bowing to pressure to suspend excise taxes on petroleum.
“The better and more equitable way to address the impact of the increasing fuel prices is to provide swift and targeted support to the vulnerable sectors,” DOF said. Lower revenues will in turn increase the fiscal deficit and debt, which will potentially raise interest rates on government debt and reduce the “much-needed fiscal space” for funding crucial social and economic programs, DOF said.
Last March, Finance Secretary Carlos G. Dominguez III said suspending fuel excise taxes will only provide temporary and minimal relief to consumers, but entails detrimental impact on government’s fiscal position.
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