President Marcos decision on fuel excise tax out today

MANILA, Philippines — President Marcos may announce his decision on the excise tax for petroleum products today, Malacañang said, as critics are questioning whether he is still inclined to suspend or reduce the tax to soften the impact of soaring oil prices.

Asked in an interview with dzMM whether the President would announce something about the recommendation to suspend or cut the excise tax, Palace press officer Undersecretary Claire Castro yesterday said: “Most probably, yes. April 13.”

Marcos met with Cabinet officials last week to discuss interventions aimed at cushioning the fallout from the war in the Middle East, including the possible reduction or suspension of the excise tax on petroleum products.

Congress gave the President the authority to suspend or lower fuel excise tax through Republic Act 12316 enacted last month.

Under the law, the Chief Executive may halt or slash excise taxes on petroleum products once Dubai crude oil price reaches or exceeds $80 per barrel for a month.

Any suspension or reduction of fuel excise taxes can last up to three months. It can be suspended again, but not more than a year in total.

Taxes will automatically return to their original rates either a week after the one-month average Dubai crude oil price goes down to below $80 per barrel, as certified by the energy department, or after three months – whichever comes first.

In a video statement, Marcos vowed to implement more interventions to address the effects of higher fuel costs.

The President welcomed the looming oil price rollback tied to the two-week ceasefire between the US and Iran to be implemented on April 14.

Imee: Suspend VAT

The Marcos administration should immediately suspend value-added tax collections on petroleum products to provide reprieve for fisherfolk amid the oil crisis, Sen. Imee Marcos said on Saturday.

The senator stressed that without urgent help from the government, fisherfolk would be buried in debt. — Neil Jayson Servallos