Davao City
March 15, 2022
President Rodrigo Roa Duterte convenes with several Cabinet members and top government officials anew to discuss various issues of national concern during this week’s Talk to the People in Davao City.
Amid the calls to remove excise tax on petroleum products, Department of Finance (DOF) Secretary Carlos Dominguez III says that the government continues to monitor and analyze the situation carefully but explains that removal of such would reduce the total government revenue by PhP147.1 billion this year alone, which may result in a higher debt-to-Gross Domestic Product (GDP) ratio of the country. Instead, he suggests retaining the excise tax on fuel and providing additional subsidies for affected Filipinos.
Meanwhile, National Economic and Development Authority (NEDA) Secretary Karl Kendrick Chua reports the continuous monitoring of inflation in the country, highlighting that the effects of increased fares and wages in the inflation rate will make the cost of living more challenging for the vulnerable sectors.
Likewise, as fuel prices continue to climb, Department of Energy (DOE) Secretary Alfonso Cusi encourages promotional discount programs of oil companies and reminds the public to conserve energy as much as possible. He also reports that there might be an expected decrease in oil prices should situations in the world market improve.
Despite the pressing matters, President Duterte appeals to the Filipino people for their understanding and cooperation as the national government remains committed to come up with tangible economic recovery solutions to help affected Filipinos amidst the ongoing problems.
#ExplainExplainExplain
#HealAsOne
#DuterteLegacy
#ComfortableLifeForAll
#PartnerForChange
*****
DISCLAIMER:
Presidential events live streamed by the Presidential Broadcast Staff – Radio Television Malacañang (RTVM) can be accessed by the public and media entities. RTVM is not responsible for any technical problems that affect the live streaming or broadcast quality re-streamed by the aforementioned parties.
