MANILA: President Ferdinand Marcos Jr. may order the suspension or reduction of excise taxes on petroleum products by April 12 or 13, an official of the Department of Finance (DOF) told senators on Thursday (March 26).
DOF is part of the Development Budget Coordination Committee (DBCC) tasked to make recommendations to the president to either suspend or reduce the levy in accordance with the newly signed law, Republic Act No. 12316.
“In terms of the timeline, there is the 15-day period (after completion of) publication and effectivity. So the earliest that the president can issue the EO (executive order) is around April 12 or 13, if I’m not mistaken with my numbers,” DOF Undersecretary Karlo Adriano said during the hearing of the Senate Proactive Response and Oversight for Timely and Effective Crisis Strategy committee.
On Wednesday (March 25), President Ferdinand Marcos Jr. signed into law a bill authorizing him to suspend or reduce excise taxes on petroleum products.
However, the law still sets two conditions for the suspension or reduction of excise taxes: When the average Dubai crude oil price based on Mean of Platts Singapore reaches or exceeds $80 per barrel for one month, and upon the recommendation of the DBCC.
The first trigger, according to Adriano, has been met already.
“In terms of the update on the DBCC, we will already be meeting on Friday. And then definitely we will come up with a recommendation by next week so that as soon as the law is in effect by around April 13, the president can already issue that EO if ever,” he said, responding to queries of Sen. Bam Aquino.
Aquino reminded government officials that the Senate prioritized the approval of the law because it was certified as urgent by the president.
“We also hope that we will act with urgency,” the senator then said. “And if the earliest date legally is April 12 or April 13, we expect this to happen on April 12 or April 13.”
Adriano assured the committee that the DBCC’s recommendation would be ready for the president’s consideration before the April 13 deadline. - Philippine Daily Inquirer/ANN
