The Department of Finance (DOF) announced that President Ferdinand Marcos Jr. may issue an executive order (EO) to suspend or reduce excise taxes on petroleum products as early as April 12 or 13.
This follows the enactment of Republic Act No. 12316 on March 25, granting the President emergency powers to adjust fuel excise taxes in response to global oil price fluctuations.
Speaking at a Senate PROTECT Committee hearing, Finance Undersecretary Karlo Fermin Adriano explained the procedural timeline:
“In terms of the timeline, kasi may 15 days na publication and effectivity. So, the earliest that the President can issue the EO is around April 12 or 13 po, if I’m not mistaken with my numbers,” Adriano said.
A technical board meeting is scheduled for Friday, and the Development Budget Coordination Committee (DBCC) will convene next week to finalize recommendations for the President.
Under the law, the President may suspend or reduce excise taxes upon the DBCC’s recommendation and in coordination with the Energy Secretary, particularly if Dubai crude prices reach or exceed $80 per barrel for a continuous one-month period.
The measure aims to provide flexibility in addressing global oil price volatility while cushioning its impact on consumers and the economy.