Lacson Administration to Have Practical Solutions to Unabated Fuel Price Hikes

Revisiting our revenue laws and exploring potential energy sources are among the solutions being readied by a Lacson administration to address the problems caused by unabated fuel price hikes.

Partido Reporma chairman and presidential bet Sen. Panfilo “Ping” M. Lacson said Wednesday that these are among the solutions that can be considered “doable.”

He said one option is to revisit the Tax Reform for Acceleration and Inclusion (TRAIN) Law to suspend the implementation of the increase of excise tax on fuel, upon the recommendation of the Development Budget Coordination Committee (DBCC).

Related: Lacson May Mga Praktikal na Solusyon sa Walang-Tigil na Pagtaas ng Presyo ng Petrolyo

“Malaking bagay ang pag-suspend ng tax rate at binalik sa rate kung saan ang araw na na-suspend, hindi na aakyat. Yan, isang magandang solusyon (We can revisit the TRAIN Law and freeze the tax rate. That would be a sensible solution),” Lacson said in an interview on DZRH radio, noting world oil prices have shot up to as much as $90 per barrel.

Such “freezing” of the tax rate would be a big help to motorists and others whose livelihood depends on oil prices, he said.

Meanwhile, Lacson said a second option is the exploration of the energy sources, including joint exploration with other countries in our exclusive economic zone in the West Philippine Sea, as we lack the resources to do such exploration on our own.

This is so long as the foreign partner adheres to our Constitution that the Philippines have at least 60-percent equity.

“Pag sila sumang-ayon sa ating Saligang Batas na joint endeavor at 60-40, ibig sabihin subliminally kinikilala nila na sa atin yan (If they agree to our Constitution’s 60-40 rule, it means they subliminally acknowledge our sovereign rights over the EEZ),” he said.

On the other hand, Lacson said other solutions may need more studying, including regulating the oil industry, as the government may lack the funds to subsidize fuel prices.