President Duterte said on Tuesday he may suspend excise taxes on oil to curb inflation.
Different groups have been calling for the suspension of oil excise taxes amid rising inflation, which has already surged to a nine-year high at 6.7 percent in September.
Asked if he is considering the suspension of excise taxes on oil, Duterte answered, “Maybe.”
“If they announce that there will be an increase in oil, everything will follow. That drives inflation,” he said.
However, a provision under the Tax Reform for Inclusion Law states that: “For the period covering 2018 to 2020, the scheduled increase in the excise tax on fuel as imposed in this section shall be suspended when the average Dubai crude oil price based on Mean of Platts Singapore (MOPS) for three months prior to the scheduled increase of the month reaches or exceeds $80 per barrel.”