Dominguez on fuel prices: Blame Trump, not TRAIN | Bilyonaryo Business News
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Dominguez on fuel prices: Blame Trump, not TRAIN

New taxes should carry the smallest blame for the surging price of oil.

New taxes should carry the smallest blame for the surging price of oil.

Finance Secretary Carlos Dominguez III insisted that the Tax Reform for Acceleration and Inclusion (TRAIN) law should not be unduly blamed for skyrocketing prices of goods, as some factors are beyond the control of the national government.

For instance, rising fuel prices are actually not all because of the additional P2.50 per liter tax which took effect this year.

“The excise tax of P2.50 imposed on fuel products is a small increment to pump prices. This tax is not responsible for the spiral in fuel prices, Donald Trump is. The global market, over which we have no control, is responsible for this,” Dominguez said during a speech before fellow hoteliers.

“Compared to excise taxes imposed on the same products elsewhere, the one imposed by the new tax reform law is negligible.”

He went on to justify that TRAIN-related inflation is still adding 0.4-0.7 percent to the overall number.

 

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