LINGAYEN—Rep. Victor Agbayani of the 2nd district asked fellow Pangasinenses to be strong, united and remain steadfast in the face of numerous difficulties posed by the escalating prices of commodities and gave assurance of legislative help soon.

Speaking to newsmen at his residence on Sunday, Agbayani said Congress is deliberating on several urgent measures that are aimed at helping the people, especially the poor, overcome the present deepening economic crisis.

“We have to be strong and united as there is no end in sight yet for this worse economic crisis and may just only be starting,” Agbayani said.

AGBAYANI

        The former three-time governor of Pangasinan said among the major proposals in Congress is the possible suspension and or reduction of the Value Added Tax (VAT) for power and fuel.

A third one, he said, is not just to suspend or reduce the VAT but to remove the VAT on those two commodities.

The fourth is to continue the VAT but the surplus revenue earned by the government from its implementation will be used to subsidize specific commodities.

Agbayani said the surplus revenue referred to are the earnings from VAT from the time it was enacted when the price of oil was still around $55 to $56 per barrel until the present rate of $138 per barrel.

“The 12 percent VAT was first based on the $55 to $56 per barrel as compared to the present which is 138 dollars per barrel,” he explained.

Agbayani said the government has been enjoying a windfall from VAT revenues since the oil prices started escalating.

Speaker Prospero Nograles has supported the use of the surplus revenue from VAT to support prices of basic commodities in order to alleviate the sufferings of the people.

He said all these alternatives are presently being studied by economic experts vis-a-vis its benefits and impact to the national economy.

However, Agbayani is not optimistic that the administration will agree to remove the VAT.

BATAAN PLANT

At the same time, Agbayani is agreeable to an earlier proposal for the revival of the mothballed Bataan Nuclear Plant in order to reduce energy consumption, provided safeguards are in place.

“In the United States and in many countries, atomic power is being used safely. In fact, the shelving of that plant led to shortages of energy during the time of President Corazon Aquino,” he said.

He said if the plant will be revived, it should include more modern technology to update the 20-year old technology designed for the Bataan plant. —LM

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