Filipino Consumers
VAT REDUCTION ACT
The VAT Reduction Act proposes to lower the Value-Added Tax (VAT) from 12% to 10%, aiming to alleviate the financial burden on Filipino families by reducing the cost of goods and services.
EMERGENCY OIL PRICE STABILIZATION ACT
The Emergency Oil Price Stabilization Act aims to create a fund to stabilize oil prices in the Philippines, repealing the existing deregulation law to provide financial support during price spikes.
RATIONALIZING THE WITHHOLDING TAX RATE ON REFINED PETROLEUM PRODUCTS
This bill aims to lower the withholding tax rate on income derived from the sale of refined petroleum products to a maximum of 0.1%. It seeks to ease cash flow constraints for oil companies, potentially leading to lower fuel prices for consumers.
AMENDING THE DOWNSTREAM OIL INDUSTRY DEREGULATION ACT
This bill aims to protect Filipino consumers from arbitrary price increases of liquefied petroleum gas (LPG) by amending the Downstream Oil Industry Deregulation Act. It introduces an automatic pricing mechanism to ensure reasonable and timely adjustments in LPG prices, and mandates the Energy Regulatory Commission to act on reports of unreasonable price increases.