By Tracy Cabrera
MALACAÑAN, Manila — Senator Paolo Benigno ‘Bam’ Aquino IV urged President Ferdinand ‘Bongbong’ Marcos Jr. to act swiftly on the recently approved measure to cut and suspend the fuel excise tax, stressing that the public is nearing unrest due to soaring pump prices.
In a statement, Aquino noted that the law “was certified as urgent by the president,” and should therefore be implemented as soon as legally possible.
“We hope for urgent action… if the earliest legal date is April 12 or April 13, we expect it to happen on those dates,” he said.
Reports from the Department of Finance (DoF) indicate that the president could issue the order to suspend or reduce excise taxes on petroleum products as early as the second week of April.
The DoF, part of the Development Budget Coordination Committee (DBCC), is responsible for recommending to the president whether to suspend or reduce the levy under the newly signed Republic Act No. 12316.
“In terms of the timeline, there is a 15-day period after publication and effectivity. So the earliest the president can issue the executive order is around April 12 or 13,” Finance Undersecretary Karlo Adriano told the Senate during a hearing.
On March 25, President Marcos signed the law granting him the authority to suspend or reduce excise taxes on petroleum products. However, the measure includes two conditions: the average Dubai crude oil price, based on the Mean of Platts Singapore, must reach or exceed US$80 per barrel for a month, and the DBCC must recommend the action.
Adriano assured the Senate committee on Proactive Response and Oversight for Timely and Effective Crisis Strategy that the DBCC’s recommendation would be ready for the president’s consideration before the April 13 deadline.
ia/xf
