Former Defense Secretary and senatorial candidate Gilbert (GIBO) Teodoro is calling on the government to consider lowering the rate of excise tax on imported petroleum products if it cannot afford to suspend the oil excise tax. 

The former Tarlac congressman made the statement amid the non-stop oil price hike, which is now on its eighth week, with gasoline prices in some parts of the country reaching at around PHP80 per liter. 

Gibo Teodoro said some adjustments to excise tax would immediately help in easing the impact of high oil prices, which is not only affecting motorists but could also trigger higher inflation.

“Sa pagkaalala ko sa Internal Revenue Code, mayroong kakayahang i-adjust ng ating Pangulo ang other taxes based on economic condition, may parameters po ‘yan,” Teodoro said in a radio interview with DZRH. “Kaya naman suspendihin yan o babaan.”

Gibo Teodoro understands that the government has to do a difficult balancing act as proceeds from increments in tax collection go to various programs such as for economic recovery, fuel subsidy, and debt payments.