MANILA, Philippines — The Philippine Exporters Confederation Inc on Thursday welcomed the signing of the oil excise tax suspension law to cushion the impact of the oil price increases.
“For exporters, especially MSMEs, transport and logistics costs are a major component of overall expenses. Any relief on fuel costs will help preserve competitiveness in already volatile global markets,” PHILEXPORT President Sergio Ortiz-Luis Jr. said in a statement.
However, Ortiz - Luis Jr. said that timely and transparent implementation with clear guidelines was important to maximize the benefits of the law.
“We hope that clear guidelines will soon be issued. Predictability is important so businesses can plan accordingly and pass on the benefits efficiently to consumers,” he said.
The Republic Act (RA) 12316, signed by President Ferdinand R. Marcos Jr. on Wednesday, aims to authorize the suspension or reduction of excise taxes on petroleum products in response to sharp increases in global oil prices triggered by the war in the Middle East.
