Philippines considers four-day work week to rein in fuel costs
Philippine economic managers rejected calls to suspend excise taxes on petroleum products, instead pitching for more subsidies to affected sectors and a shorter work week to cut costs. The government is expecting to collect 131.4 billion pesos ($2.5bn) this year from excise taxes on fuel, Finance Secretary Carlos Dominguez said on Wednesday. Yielding to some politicians and transport groups’ call to suspend the levy will cut this year’s revenue by 0.5 per cent of gross domestic product, he said. Protesters holding placards stage a rally in front of a petrol station in Manila City Instead, Economic Planning Secretary Karl Chua pitched for more direct aid to affected sectors including the poorest 50 per cent of households. He also proposed a four-day work week to reduce costs for businesses and workers, a move done in past oil shocks. A three-month wage subsidy has also been proposed by the country's Department of Labour and Employment. Russia’s military offensive in Ukraine has fan...