MANILA — The Development Budget Coordination Committee (DBCC) has yet to recommend to President Ferdinand Marcos Jr. whether to suspend or reduce the fuel excise tax, Malacañang said Wednesday.
This comes after the Department of Energy earlier certified that Dubai crude prices have breached $80/barrel, which is a requirement for the government to suspend the excise tax on fuel.
According to price tracking website oilprice.com, Dubai crude already currently sells for around $116 per barrel. WTI sells for $104 per barrel while Brent crude sells for $107.
“Sa ngayon po ay wala pa pong naibibigay na final na evaluation o recommendation ang DBCC, sa ngayon po, as we speak,” Palace Press Officer Undersecretary Claire Castro said in a press briefing Wednesday, September 16.
Castro said the matter may be brought up during the 11th Economic Development Council Meeting on Wednesday afternoon.
“Maya-maya po ay magkakaroon po ng meeting patungkol sa EDC, tingnan po natin kung mayroon na pong pinaka-latest. Kapag mayroon na po ay ibibigay ko po sa inyo agad,” she said.
Republic Act 12316 authorizes the President, upon the DBCC’s recommendation, in coordination with the Secretary of Energy, to suspend the imposition of or reduce the excise taxes on fuel when the average Dubai crude oil price based on Mean of Platts Singapore (MOPS) reaches or exceeds $80 per barrel for one month immediately preceding the issuance of the suspension or reduction order.
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The suspension or reduction may be applied to specific petroleum products and implemented either as a full suspension or partial reduction of the applicable excise tax rates as may be warranted by prevailing conditions.
“Alam po naman natin na lahat ng kailangang aksyunan agad ay mabilis naman pong umaksyon ang ating Pangulo. Depende na po iyan kung ano po ang magiging rekomendasyon; kapag nandiyan na po ang rekomendasyon, umaaksyon naman agad ang ating Pangulo,” she said.
With soaring fuel prices seen to drag on due to Middle East tensions, Castro assured continuous assistance to affected sectors under the UPLIFT program.
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However, its funding will depend on the availability of government savings.
“Ang pondo po patungkol sa UPLIFT ay hindi po kasi ito line item at ito po ay depende sa pangangailangan na maibibigay or mababanggit ng implementing agencies at titingnan po kung mayroong savings at kung may mga proyekto po ang mga implementing agencies na hindi naipatupad, ito ay maaaring maideklarang savings at maaari pong magamit sa UPLIFT,” she stated.