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| Dumaguete City, Philippines | Friday, January 18, 2008 |
‘VAT suspension on oil
will bring back RP deficit'
The chairman of the House committee on ways and means yesterday expressed opposition to the proposal to suspend the 12-percent value-added tax on oil products, which would result in huge foregone revenues for the government.
Rep. Exequiel Javier (Lakas-CMD, Antique) warned that suspending the VAT on oil products would bring back in the deficit problem of the government, a House press statement said..
"I am against the suspension of VAT on oil which would translate to a revenue loss of P54 billion. We will be back in deficit which will weaken the peso and affect the exchange rate and increase the price of oil in terms of pesos, thus, canceling the effect of VAT suspension," said Javier. 
| PAO chief gets threat Provincial Attorney Erwin Vergara said he still feels under threat because of the nature of his job at the provincial government. Vergara said he received a serious threat on his life because of the legal actions he has taken. Some of those affected might want to hit back at him, he said. Vergara said he will never be afraid of making legal decisions because he will firmly stand by the law. He promised to continue performing his duties as the chief legal counsel. |
| NegOr joins Sinulag fest Negros Oriental will send two contingents to the Sinulog Festival in Cebu , City on Sunday. The defending Buglasan Festival of Festivals Grand Champion Hambabalud Festival of Jimalalud and the first runner-up of the Pakol Festival of Santa Catalina will represent the province this year. The Hambabalud and Pakol Festivals are both portraying the message of protecting mother nature and preserving the environment. |
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