MANILA, Philippines – President Ferdinand Marcos Jr. may soon order the suspension or reduction of excise taxes on petroleum products, with a possible decision expected as early as April 12 or 13, a Department of Finance (DOF) official told senators on Thursday.
The move comes as the government accelerates efforts to cushion the impact of rising fuel prices on consumers, following the recent passage of a law granting the president authority to adjust fuel excise taxes under specific conditions.
DOF Undersecretary Karlo Adriano said the timeline depends on the law’s effectivity, which includes a mandatory 15-day period after publication.
“The earliest that the president can issue an executive order is around April 12 or 13,” Adriano said during a Senate hearing.
The DOF, as part of the Development Budget Coordination Committee (DBCC), is tasked with recommending whether to suspend or reduce the taxes.
Adriano confirmed that the DBCC is set to meet and finalize its recommendation within the next week to align with the law’s implementation.
The newly enacted measure, Republic Act No. 12316, signed by President Marcos on March 25, allows temporary tax relief when global oil prices surge.
However, it requires two conditions: that Dubai crude oil prices reach at least $80 per barrel for one month, and that the DBCC formally recommends the adjustment.
Adriano noted that the first condition has already been met, clearing the way for potential government action once the law takes effect.
Sen. Bam Aquino, who raised the issue during the hearing, emphasized the urgency of implementing the measure, noting that it was certified as urgent by the president.
He expressed the expectation that the government would act immediately once legally allowed.
Adriano assured lawmakers that the DBCC’s recommendation would be ready before the mid-April timeline, enabling the president to act without delay.
The government is under increasing pressure to address the impact of rising global oil prices, which have driven up transport and commodity costs.
The new law provides a mechanism for temporary tax relief, aimed at easing the burden on consumers and the transport sector during periods of sustained high fuel prices.
