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The government recorded a 2.5-billion-peso loss due to the suspension of the excise tax imposed on liquified petroleum gas (LPG) and kerosene over the past three months.
This is according to the report of the Department of Finance, days after the Bureau of Internal Revenue (BIR) announced that the agency had withdrawn the tax break implemented on the said petroleum products.
Finance Secretary Frederick Go said that they may recommend the reduction or suspension of the said tax again once the average price of Dubai crude exceeds eighty dollars per barrel.
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Date posted: July 10, 2026 7:09 PM