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Energy Secretary Alfonso Cusi said the DOE is keeping a close watch over oil firms to prevent possible profiteering in the implementation of the TRAIN law.
“We have to make an effort to make sure that the declared stockpiles are accurate and the DOE will come up with public advisories to let the public know that an increase is imminent,” Fuentebella said.
“It would have been simpler if we just issued a date but it would prejudice the consuming public and the government because the oil companies are like collecting agencies,” Assistant Secretary Bodie Pulido of the Oil Industry and Management Bureau said.
An expansion in the country’s gross domestic product (GDP) of at least seven percent is possible this year with the implementation of the TRAIN Law. TRAIN exempts compensation earners and self-employed individuals with an annual taxable income of P250, 000 and below.
The TRAIN was signed into law by President Duterte last Dec. The Philippine Statistics Authority (PSA) estimates price increases of food and non-alcoholic beverages last month likely remained unchanged at 3.2 percent. Communication, education, and restaurant and miscellaneous services were likewise seen to stay at their levels.
It also levied a P6 per liter tax on beverages using caloric and non-caloric sweeteners and P12 per liter for beverages using high fructose corn syrup.