The Development Budget Coordination Committee (DBCC) is set to present its recommendations to President Ferdinand "Bongbong" Marcos Jr. on Tuesday, 7 April,  regarding the possible suspension of excise taxes on petroleum products, as global oil prices continue to rise.

Under Republic Act 12316, the President is authorized to suspend or reduce excise taxes on fuel upon the recommendation of the DBCC, in coordination with the Department of Energy. 

The measure may be implemented for up to three months if the average Dubai crude oil price, based on the Mean of Platts Singapore (MOPS), reaches or exceeds $80 per barrel for at least one month.

In a press briefing on Monday, Palace Press Officer, Undersecretary Claire Castro, confirmed that the DBCC will meet with the President to submit its proposal, emphasizing that the final decision rests with Marcos.

“The DBCC will have a meeting tomorrow with the President. Let us keep in mind that taxes are the lifeblood of the government so we need to balance everything,” Castro told Palace reporters.

The Department of Budget and Management, which chairs the DBCC, earlier said that the government was still determining its final policy direction on the matter.