Senator Bam Aquino has urged the executive branch to implement existing tax relief measures and Congress to prioritize household needs in the 2027 national budget, citing the pressure of a weakening peso, high inflation and unstable fuel prices on Filipino families.
Aquino said households could face greater financial strain after the holiday season, despite temporary relief from overseas remittances.
He called on the government to suspend excise taxes on diesel and gasoline, citing a law passed by Congress that authorizes the President to suspend the taxes when global crude oil prices reach $80 per barrel.
Aquino noted that the executive branch had removed excise taxes on liquefied petroleum gas but retained them on diesel and gasoline, which he said have a greater effect on the cost of goods and transportation.
He also proposed suspending the 12% value-added tax on residential electricity bills, including the tax imposed on the entire bill and not only on system losses. Aquino said the measure would provide direct savings to households.
He argued that potential revenue losses from tax exemptions could be offset by tighter fiscal discipline and efforts to curb corruption.
Savings from preventing public fund leakages, he said, could support additional classrooms, healthcare services and other government programs.
Aquino described the proposed approach as “Bawas buwis, bawas bwisit,” saying the government could either increase public services or reduce the taxes collected from citizens.
The senator also pushed for the implementation of the CADENA Law, or Blockchain the Budget, which seeks to use distributed ledger technology to make government budget allocations and procurement transactions trackable in real time.
He said the system would make it harder to divert public funds and strengthen accountability in government spending.
As Congress prepares to convene the Bicameral Conference Committee to reconcile the proposed 2027 national budget, Aquino warned against bloated unprogrammed funds and pork-barrel insertions.
He urged budget lawmakers to ensure that public funds go to legitimate projects and pressing national priorities, stressing that citizens should be able to monitor how the government spends their money.
“Yung pera ng bayan dapat alam ng tao kung saan napupunta,” Aquino said.
📷 GMA Network
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