Responding to the call of President Rodrigo Duterte for proposals to reduce the economic woes of Filipino families during the coronavirus crisis, an infrastructure-oriented thinktank is calling for the suspension of value-added tax and universal charges on power rates until community quarantines remain in place around the country.
“The suspension of VAT and universal charges on electricity rates during the coronavirus crisis translates to around two hundred pesos in savings for the average household consuming 200 kWh. More important, this translates into a staggering P4.2-Billion indirect economic aid to 21 million lower income households without the need for new loans or the sale of government assets.”
This was the statement of Terry Ridon, Infrawatch PH convenor and former urban poor chief of the Duterte administration.
VAT on losses, subsidies, franchise tax
Ridon said suspending VAT on power rates allows low income families more savings to spend on food and basic necessities.
“Every peso which we can add to the savings of Filipino families is already a win during this crisis. Two hundred pesos affords families an additional six kilos of rice, without the need of fresh funding from government.
Ridon, who was a member of the House ways and means committee, said that VAT on power continues to be a very contentious issue because systems losses, lifeline subsidies, and franchise taxes are levied with VAT.
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Suspend PSALM universal charges
Ridon also said that universal charges can also be suspended, particularly receivables of the Power Sector Assets and Liabilities Management Corporation (PSALM) for the National Power Corporation’s (NPC) stranded debts and contract costs.
“Indirect economic aid to 21 million low income households from the suspension of PSALM universal charges amounts to P207-Million. This is an intervention which the President can order at once, without question.”
Universal charges are imposed for the recovery of NPC stranded debts and contract costs and collected from electricity consumers on a monthly basis.
“Together with the Energy Regulatory Commission, PSALM can certainly make this heroic contribution to the country’s coronavirus effort by suspending collection until the worst is over.”