Research group IBON said that raising taxes on imported oil\nproducts will push prices up and burden many poor households already struggling\nwith jobs and income losses amid the COVID-19 pandemic. The group said that\ngovernment should instead look to better sources of response funds such as\ntaxing the super-rich.<\/p>\n\n\n\n
The Duterte administration recently issued an executive\norder increasing taxes on imported crude oil and refined petroleum products to\n10 percent. This is supposed to fund government\u2019s COVID-19 response.<\/p>\n\n\n\n
IBON said this oil tax increase will ultimately be passed\nonto consumers, especially the poor, through higher prices. Some 18.9 million\nworking people and their families are already dealing with mass unemployment,\nincome losses and delayed and insufficient social amelioration. <\/p>\n\n\n\n
The oil tax hike comes on top of additional oil excise taxes\nalready from the government\u2019s regressive Tax Reform for Acceleration and\nInclusion (TRAIN) program. The TRAIN law hiked oil excise taxes by Php6 per\nliter of diesel, Php5.65 per liter of gasoline, Php5 per liter of kerosene, and\nPhp3 per kilogram of liquefied petroleum gas (LPG). <\/p>\n\n\n\n
The additional oil tax will make socially sensitive products\nmore expensive as well as increase the general price level. Instead of pursuing\nthis grossly insensitive revenue measure, IBON said that government should\ninstead impose a wealth tax on the country\u2019s super-rich.<\/p>\n\n\n\n
The Philippines’ 50 richest have Php4.1 trillion in combined wealth, which is more than what the poorest 71 million Filipinos own put together, the group said. A tax of 1% on wealth above Php1 billion, another 2% above Php2 billion, and another 3% above Php3 billion will raise Php236.7 billion from these 50 richest individuals alone. <\/p>\n\n\n\n
The wealthy can well afford to pay more taxes and this will not have any effect at all on their already extremely high standards of living, said IBON. Tax revenues from this can then be prioritized towards fighting the COVID-19 crisis and providing sufficient social amelioration for poor and vulnerable Filipinos. <\/p>","protected":false},"excerpt":{"rendered":"
NEWS<\/p>\n
Raising taxes on imported oil products will push prices up and burden many poor households already struggling with jobs and income losses amid the COVID-19 pandemic.<\/p>","protected":false},"author":3,"featured_media":9611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[2048,14],"tags":[2199,2218,347,1501,436,1502,2259,2258],"class_list":["post-9609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner","category-news","tag-covid-19","tag-covid-19-response","tag-duterte-administration","tag-fuel-products","tag-oil","tag-oil-products","tag-oil-tariff-hike","tag-oil-tax-hike","wpautop"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-07-23 15:47:32","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts\/9609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/comments?post=9609"}],"version-history":[{"count":2,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts\/9609\/revisions"}],"predecessor-version":[{"id":9612,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts\/9609\/revisions\/9612"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/media\/9611"}],"wp:attachment":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/media?parent=9609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/categories?post=9609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/tags?post=9609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}