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misleading, unwarranted. " reputable company with a tremen- percent or P10.6 billion compared to
That' s Finance Undersecretary dous, strategic role in the countrv's the previous jrear. In the firs't half of
and chief economistGil Beltran rounci- econonilt stibitity and national seir- 2012, when the oil price Was hiehest.
ly debunking a local petroleum giant's nry. Petron's income gr'ew by 43 per?ent.'
claim that the increase in fuel excise Recall that oil refiner released a "Perhaps Pe#on sh6uld'look in-
cI airne d, no lon g er b ear any r e s emblan ce to taxes under the Tax Reform for Accel- statement on August 8 declaring that ward to understand the ttrue cause,"
current ENDS technology, "so usittg eration and Inclusion law led to a its net income in the first half olunsed
ancient data is not particilarla helnful to Beltran said. (Put another way," it's
decline in{ts earnings for the firsthalf
unde-rstanding rnh'ether aapiig piiductis of the year, given the-improved income
Py ZZ percent from the samb period your tracks, not our TRAIN, stupid!"
last year. The oil gianthad also reported that
can help smokers quit today". performance reported d-uring the same It claimed that price increases re- is indirect expenses swelled by 78 per-
An earlier studu coniucted bu the period by its compefitors - dUry from TRAIN's implementa-
llniausity College f,ondon, reoeabA thnt cent in the first quarter of this y:ear,
Beltran was virtuallv savins that tion led to a decrease in its domesfic
smokers are three times more likelu to suggesting lower efficiency resulting
thu 9tl giant was not being ti"tfiru. fuel sales.
succeed in quitting smokingutith thi use ln the rncome decrease.
"No dice, man. Try aeain. you But Beltran said the DoF looked at
oJ aapes, compar ed to those using nicotine "Blaming TRAIN for their income
think we're stupid? " w6uld1e u recenth released reports from other
replacement therapy. -ore
drop is unwarranted. Taking into ac-
major players, including Pilipinas Shell count much higher indirect expenses,
The research iitiolaed close to 19,000 loan shark dunningu a deadbeat street Petroleum Corp, whiih allso has a it appears the reason for Petroir's per-
smokers in England ooer a l2-uear oeriod client. refinery. formance canbe athibuted to inteinal
from 2006 to201|, making ii ond of the But Beltran is a fine financial en- "Shell actually reported that de-
largest to examine the suciess ratesbf all issues or perhaps weakening market
foi-cer steeped in elegant, persuasive spite lower profiis inthe first half of -they
the commonly used methods people use to share because refuse i-o adiust
stop smonng. "We looked at.their financials, and ?91?.g*pared to the same period in their prices, and not higher excise tax.
2018, they saw higher retaii volume Remember, Shell is in the samebusi-
The study found thnt smokers who it seems highly unlikely. It is misiead- growth across allbusiness segments in ness, and their sales volumes acfually
used e- ciges were 9 5 percent more likely to ing for Petron to blame IRAIN for their the second quarter, which is fhe oppo- gr.-ew," the Finance deputy chief ei-
quit-smoking than those trying with6ut, decrease in sales," he said in a state- site of the Petron story" Beltran pbint- plained.
whil e tho se tlnt us e d pr e s uib e d N Rf su ch ment released by the Departrnent of ed out in the DoF stltement. TRAIN implemented a sradual
as nicotine gums, patches, agiLhzcnges Finance
were only 34percent morelikelU to do"so. -'hraddition,Petron'smessagethat increase of oil rixcise taxes by ilp to P6
An online dictionary provides the higher prices led to a decline in #les is per liter over a period of thredyears,
Moreoaet, those buying Nnf yrom following to define misleading : " am, inqgnsistentwith theirhistory," he said.
shops were twmore likely to succeed that with lower rates for "essential prod-
biguous, deceiving, delusive, distort- .Tsk-tsk-tsk. \Atrhywould the oil gi- ucts" such as diesel, kerosene, and
thoseTfiTrtg+equit wititout any help at ed, equivocal, uncertain specious, etc. ant contradict its own record? "
aII. 'q'." '
These are, quite decidedly, big, The DoF found that, despite the
*** Behold God'.s glory and seek His
strong, powerful but unpli:asait peak of gasoline and diesel retiil pric-
rHighly unlikely, inconsistent,. Words to describe theposition taken
or es during the fifst quarter of 2012, Paase andpray,people,
statements made by a supposedly ?etron revenues sfill'=iircrea sed by IT