Legarda Proposes Bayanihan 3 Law to Suspend Fuel VAT, Aid Filipinos Amid Oil Crisis

• Senator Loren Legarda is proposing a Bayanihan 3 Law to grant President Marcos Jr. special powers, including temporarily waiving the 12% VAT on food staples and medical essentials, in response to the global oil crisis.
• The proposal follows criticism of the administration’s slow and inadequate response to the oil supply shortage, which threatens the economy, transportation, and food security.
• The bill also suggests emergency revenue measures such as higher taxes on luxury and sin items, and taxing the rich to fund social aid.
• Inflation is projected to rise sharply, potentially reaching up to 14.3% if oil prices spike, further weakening Filipinos’ purchasing power.
• Legarda and other senators highlight the lack of a unified government contingency plan and call for urgent legislative intervention to protect consumers and address the crisis.

Source: pressreader.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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