Budget Secretary Amenah Pangandaman said that the government will not suspend the value-added tax and excise tax on oil products, but other measures are in place to mitigate the effects of rising oil prices and the cost of basic commodities.

In a Viber message, Pangandaman said that the government has a solid action plan for sustainable and inclusive economic growth called the Medium Term Fiscal Framework.

She said that to achieve the government's overarching objective to stay on track with its Agenda for Prosperity, it should follow the MTFF for fiscal stability even amidst headwinds, such as inflation.

"This is the formula that worked for us and allowed us to meet our 7.6% GDP growth in 2022 in spite of the incredibly high inflation at that time," Pangandaman told reporters.

"Thus, I think that the wisest move is to adhere to the strategic plans set under the MTFF," she added.

However, Pangandaman said that the government is taking other measures to mitigate the effects of rising oil prices and the cost of basic commodities.

On the part of the Department of Budget and Management, Pangandaman said that the government has already released P3 billion for fuel subsidies to aid transport sector workers. The government also has an amount of around P500 million in unprogrammed appropriations that it can release if necessary.

"Rest assured that we are doing our best to address the rising prices of commodities," Pangandaman said.

"All government agencies are working together here. We are here to listen, and we are here to help. It is the priority of our President to ensure that our fellow citizens are not left behind, especially those in need," she added.

Pangandaman's statement comes after Finance Secretary Benjamin Diokno and Socioeconomic Planning Secretary Arsenio Balisacan said that the government is still studying the proposal on suspending the VAT and excise tax on oil products.