Navotas Lone District Representative Tobias "Toby" Tiangco has filed a joint resolution in Congress urging the temporary suspension of the 12-percent value-added tax (VAT) on all petroleum products to cushion the impact of rising global oil prices driven by escalating tensions among Iran, Israel, and the United States in the Middle East.

Tiangco said the prolonged conflict in the region is expected to sustain upward pressure on global crude prices, which would inevitably translate to higher pump prices in the Philippines. He warned that continued fuel price hikes could trigger a domino effect on transportation costs and the prices of basic commodities, further straining Filipino households already grappling with inflation.

The resolution calls on President Ferdinand Marcos Jr. to consider the temporary suspension of VAT collection on petroleum products as an immediate relief measure.

According to Tiangco, lifting the VAT, even for a limited period, would provide direct and across-the-board relief to consumers by lowering pump prices and tempering price increases in goods and services dependent on fuel.

While the government has rolled out fuel subsidies for public utility vehicle (PUV) operators and drivers, as well as financial assistance for farmers and fisherfolk, Tiangco noted that these targeted interventions may not be enough if the global oil market remains volatile. He stressed that a broader tax measure could help stabilize prices and protect purchasing power during the ongoing geopolitical crisis.

The lawmaker added that the proposed VAT suspension is a temporary and responsive measure aimed at mitigating what he described as an “undue economic burden” on consumers during extraordinary global conditions. He expressed hope that both chambers of Congress would act swiftly on the joint resolution to prevent further economic strain on Filipino families.