Reminding the administration that the Senate prioritized the approval of the measure to cut and suspend the fuel excise tax, Senator Paolo Benigno ‘Bam’ Aquino IV urged President Ferdinand ‘Bongbong’ Marcos Jr. to take action accordingly because the public is near turmoil due to the huge increase in pump prices.
In a statement, Aquino stressed that the said law “was certified as urgent by the president” so it is expected to be implemented at the earliest date set by legal precepts.
“We also hope that we will act with urgency (. . .) and if the earliest date legally is April 12 or April 13, we expect this to happen on April 12 or April 13,” he pointed out.
Based on reports from the the Department of Finance (DoF), the chief executive may order the suspension or reduction of excise taxes on petroleum products by the earliest date in the second of April.
The 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,” finance undersecretary Karlo Adriano cited during an earlier Senate hearing.
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 US$80 per barrel for one month, and upon the recommendation of the DBCC.
Despite this, Adriano assured the Senate’s Proactive Response and Oversight for Timely and Effective Crisis Strategy committee that the DBCC’s recommendation would be ready for the president’s consideration before the April 13 deadline.