Targeted fuel subsidies should stay—DOF

6/19/2022 6:45:00 PM

The Nation's Leading Newspaper

The Department of Finance (DOF) 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 Nation's Leading Newspaper

The Department of Finance (DOF) 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.As the incoming Marcos administration is coming under pressure from several parties to implement a fuel tax holiday, the DOF explained that such proposal, if adopted, would only result in higher budget deficit and heavier debt burden.

According to the DOF, suspending excise taxes on fuel is not the “most efficient approach” to alleviate the conditions of sectors affected by skyrocketing gas prices.“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.

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Leyco The Department of Finance (DOF) 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. As the incoming Marcos administration is coming under pressure from several parties to implement a fuel tax holiday, the DOF explained that such proposal, if adopted, would only result in higher budget deficit and heavier debt burden. NTF chief implementer Carlito Galvez Jr. According to the DOF, suspending excise taxes on fuel is not the “most efficient approach” to alleviate the conditions of sectors affected by skyrocketing gas prices. Eala, ranked world No. “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. “This is our parting gift to the next administration. The government is currently rolling out fuel targeted subsidies amounting to P6.0 will make us go through the strongest revolution we have ever seen.

1 billion for the transport and agriculture sectors. A total of 153,013,072 COVID-19 vaccine doses were administered, with 74,813,407 individuals receiving at least one dose as of June 17. The Filipina teen sensation broke Sebov five times in two sets. The finance department estimated that if excise taxes are suspended, it will reduce government revenues by P105.9 billion, equivalent to 0. Duterte’s term ends on June 30.5 percent of gross domestic product (GDP) in 2022. The final match is set on Sunday, July 19 at 5 pm, Philippine time. 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. “We have had many superspreader events in the past months, including the national elections, but we still managed to keep our new COVID-19 cases low because of our high vaccination rate,” Galvez, who is also the country’s vaccine czar, said.0 applications work.

“The suspension of the imposition of excise taxes on petroleum is also extremely regressive and primarily benefit higher-income households,” the DOF explained. “We will just be subsidizing the top 10 percent of Filipino households who consume about 50 percent of total fuel consumption in 2022. We still have to follow our public health protocols, including frequent washing of hands and wearing of best fitted face masks,” he added. 6 Timea Babos of Hungary in the quarterfinal in straight sets, 7-6 (7-2), 6-2, and easily downed Adithya Karunaratne of Hongkong, 6-1, 6-3, in the semifinal. This means that the larger financial benefits of the suspension will not go to the poor, but to higher income households,” it added. Last March, Finance Secretary Carlos G. For the pediatric vaccination, a total of 3,217,367 children aged 5 to 11 were already fully vaccinated. 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. “We have been winning very important accounts in Korea, the Philippines, and Singapore,” he said, declining to give specifics.

“Any reduction in our revenues will require us to borrow more to continue to fund government programs,” Dominguez said. Galvez urged the public to get their booster shots in order to increase the protection provided by the primary doses. Increased borrowings, in turn, will push up the debt-to-GDP ratio in 2022, from a projected 60.9 percent of GDP, to 61. Para sa mga pwede na ring kumuha ng second booster shot, magpabakuna na agad,” he said.4 percent of GDP. “The effect of additional borrowings will be even greater in future years as we start to pay interest. For those eligible for a second booster shot, get vaccinated immediately. “Salary is an option, but it’s not the key one,” Mr.

The situation is compounded by the rise in global interest rates. Higher borrowings now will further increase our interest payments and deficit in the future,” Dominguez said. Immunocompromised individuals must wait three months after their first booster shot, while frontline health workers and senior citizens can get their second booster shot four months after their first booster dose. .