DBCC to submit recommendations on fuel tax suspension — Palace

The Development Budget Coordination Committee (DBCC) will meet with President Ferdinand “Bongbong” Marcos Jr. on Tuesday, April 7, to submit its recommendations on the possible suspension of excise taxes on petroleum products.

This was confirmed by Palace Press Officer Undersecretary Atty. Claire Castro on Monday. She said the recommendations will be subject to the President’s approval.

''Nagformulate na po sila ng kanilang rekomendasyon and magkakaroon po sila ng meeting tomorrow with the President para isubmit po itong recommendations na ito for his approval,'' Castro said in a briefing.

(They already formulated a recommendation and they will meet with the President tomorrow regarding that to submit their recommendations.) 

"Let us keep in mind that taxes are the lifeblood of the government, so we need to balance everything," she said.

Last week, the Department of Budget and Management (DBM), which chairs the DBCC, said a final policy direction on the matter was still being determined.

Under Republic Act 12316, the President may suspend or reduce excise taxes on fuel upon the recommendation of the DBCC, in coordination with the Department of Energy (DOE) secretary.

Such suspension or reduction may be implemented for a maximum of three months when the average Dubai crude oil price, based on the Mean of Platts Singapore (MOPS), reaches or exceeds $80 per barrel for one month.

Brent crude prices have been hovering around $102 per barrel at the time of writing.—MCG, GMA News