Manila, March 26 -- Oil industry representatives on Thursday backed the proposed suspension of value-added tax (VAT) on petroleum products, saying it could lead to faster and more direct reductions in pump prices.

During the second Senate Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT) hearing, Tanya Samillano, representing small oil players, said removing VAT at the point of importation would immediately lower costs, allowing fuel price cuts to be passed on more efficiently to consumers.

"Mas madali siyang i-implement... kung tatanggalin sa point of importation... it will reduce your cost (It is easier to implement if removed at the point of importation... it will reduce your cost)," Samillano said....