Govt rejects higher oil taxes

World Bank’s proposal not a priority, says NEDA.

The Philippines on Wednesday brushed off a World Bank suggestion that it raise oil taxes to shore up revenues, saying it did not wish to hit people in the pocket amid a slowing economy that has already crimped consumer spending.

Raising oil taxes “will have a dampening effect on the economy since higher prices will discourage consumer spending,” Socioeconomic Planning Secretary Ralph Recto said in a statement.

“We do not believe that a further [oil] tax increase should be a priority in the short term,” he added.

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