Wage hike, lower VAT considered

A wage increase, price controls and a reduction in the 12-percent value-added tax (VAT) on goods and services are among the measures that Malacañang is considering to help people cope with soaring oil prices, President Benigno Aquino III said Wednesday.

The President said he had instructed his economic managers to study all means to mitigate the impact of high fuel prices on the poor and wage earners.

Transport fares, power rates, food prices and toll rates have also gone up.

Mr. Aquino said he expected his economic managers to be ready with their presentation by next week.

Read more at Philippine Daily Inquirer

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