Govt losing P145B in fuel taxes annually – DoF

THE government is losing about P145 billion, or 1 percent of the country’s gross domestic product (GDP), in potential annual rev Department of Finance (DoF) said.

In a statement on Wednesday, Finance Undersecretary Karl Kendrick congressional proposals to lower Direct cash transfers will be given to “vulnerable sectors” to offset the

of Finance (DoF) would vigorously at the Bureaus of Internal Revenue the infrastructure build-up of the Duterte administration.

are not enough to raise adequate funds to bankroll the Duterte administration’s agenda of high and inclusive growth, given the system that require urgent correc

He noted, for instance, that changed for the last 20 years while last 12 years.

These rates have led to a massive foregone revenue loss of about P145 billion in 2016 prices, which represents about 1 percent of GDP,

“Our proposal to adjust the fuel merely updates the rates to current levels as this represents the Even with the adjustments, the retail prices of gasoline and diesel will still be much lower than the rates during the oil price shocks of

For vulnerable sectors and low-income groups, the DoF is proposing a targeted cash transfer program for the poorest 50 percent of households, which includes the reintroduction of the “Pantawid Pasada” program that will provide fuel price discounts to public utility vehicles, and a jeepney modernization program of these vehicles.

“These proposed initiatives will cushion the impact of higher fuel - muting and food costs for the