President Ferdinand Marcos Jr. has received the recommendation of the Development Budget Coordination Committee (DBCC) on how to implement the emergency powers granted to him by Congress.
The recommendation includes options such as the temporary suspension or reduction of excise taxes on petroleum products to help ease the burden of rising oil prices on the public.
According to Communications Secretary Dave Gomez, the President is set to announce his decision through a video message later today, following a series of meetings in Malacañang.
Gomez said the President’s schedule on Tuesday includes discussions under the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT), which focuses on measures to cushion the impact of high fuel costs.
“We have UPLIFT meeting this morning and President will announce all the decisions there after the meeting,” Gomez said in a text message.
The discussions involve key government officials and center on strategies to mitigate the effects of soaring oil prices, which have been driven by ongoing tensions in the Middle East.
The possible suspension or reduction of excise taxes is among the measures being considered after the President declared a national energy emergency in response to the continued surge in global oil prices.