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REP. HENRY C. ONG
2nd District of Leyte
Chair, Committee on Banks & Financial Intermediaries
Member, Economic Affairs, Trade & Industry, and 9 other committees – 0917-729-2437

With October 2018 inflation staying at 6.7 percent...

RADICAL ANTI-INFLATION MEASURES NEEDED

[Suspend the BIR order on TRAIN Law fuel excise taxes]

"With the October inflation rate staying at 6.7 percent same as last September, there very clearly is a great and urgent need for much stronger anti-inflation measures. I appeal to President Rodrigo Duterte to suspend the BIR regulations implementing the fuel excise taxes of 2018 and 2019," Rep. Henry Ong said Tuesday morning shortly after government statisticians released the latest inflation report.

The Chair of the House Committee on Banks and Financial Intermediaries said, "while the TRAIN Law had lots of good intentions, it took effect in a perfect storm of high world oil prices and peso depreciation versus the US dollar, so the 3-in-1 mix is what led to the economic mess we are in today. Both the fuel excise taxes this year and next year must be stopped now."

"President Duterte cannot suspend the TRAIN LAW because only Congress can do that, but he can order the Department of Finance to suspend the implementing revenue regulations of the BIR while those regulations undergo revisions to cushion the inflationary impact," the Leyte 2nd District solon said. (END)

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