Marcos may order Philippines' major cut in petrol taxes by mid-April
President Ferdinand "Bongbong" Marcos Jr.'s administration is preparing to issue an Executive Order suspending or reducing the fuel excise tax, with implementation expected between April 12 and March 30th next week (March). The Development Budget Coordination Committee will convene this Monday afternoon in Manila formallyize its recommendation on lowering petrol prices.
Key Points
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1The Philippines' Department of Finance expects an executive order regarding suspension or reduction of petroleum product tax rates by April 12-13.
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2President Ferdinand Marcos Jr. may issue the final decision on fuel excise taxes based on recommendations from his economic team next week.
Developments
Perspectives
President Ferdinand Marcos Jr. may order the suspension or reduction of excise taxes on petroleum products by April 12-13.
— [Mar 26, 08:46] EO on suspending, cutting fuel excise tax out by mid-April --DOF (Feeds.feedburner.com)The inter-agency Development Budget Coordination Committee is set to hold a special meeting next week to discuss the suspension of fuel products before implementing it.
— [Mar 26, 04:13] PH econ team to hold special meeting on fuel excise tax suspension next week (Feeds.feedburner.com)"The technical board will meet on Friday while DBCC is set for Monday," said a Department of Finance official.
— [Mar 26, 04:13] PH econ team to hold special meeting on fuel excise tax suspension next week (Feeds.feedburner.com)"The technical board will meet this Friday while the main DBCC is set for Monday," said a Department of Finance official.
— [Mar 26, 13:14] DBCC to make fuel excise recommendation next week (Bworldonline)An official from the Philippines' Department of Finance stated that President Ferdinand Marcos Jr may order a suspension or reduction in excise taxes on petroleum products by April 12. This potential action is part of development budget coordination efforts where officials are recommending measures to reduce fuel costs for consumers and businesses before mid-April, as reported during Thursday's session with senators regarding the Development Budget Coordination Committee (DBCC).
An official from the Philippines' Department of Finance stated that President Ferdinand Marcos Jr. may order a suspension or reduction in excise taxes on petroleum products by April 12 or 13 during Thursday's Development Budget Coordination Committee meeting, where DOF is tasked with making recommendations to the president regarding such measures.
An official from the Department of Finance stated to senators that President Ferdinand Marcos Jr. may issue an executive ordering a potential suspension or reduction of petroleum product taxes between April 12 and 14, based on recommendations under Republic Act No. 12316 following its publication period ending around March 28-29 (implied by the "after completion" timeline).