Metro Manila, Philippines – President Ferdinand Marcos Jr. said the government is studying possible fuel tax adjustments as he led a meeting of key economic officials to address rising oil prices under a state of national energy emergency.
“We need to continue to provide relief to our people and keep the economy running,” Marcos said as he presided over the UPLIFT Committee meeting, where officials reviewed recommendations from the Development Budget Coordination Committee (DBCC) and discussed measures to ensure oil supply stability and expand assistance to affected sectors.
The meeting comes weeks after he signed into law Republic Act 12316, which authorizes the president to suspend or reduce excise taxes on petroleum products upon the recommendation of the DBCC and in coordination with the energy department, if global oil prices hit certain thresholds.
Officials said the discussions focused on how to operationalize the law in a regime of runaway oil prices, as well as the timing and scope of a potential fuel tax relief.
The UPLIFT Committee, a task force convened to coordinate the response to the energy crisis, brings together economic managers and key agencies to align policies aimed at mitigating the impact of rising fuel costs. It works closely with the DBCC, the interagency body tasked with setting the government’s macroeconomic assumptions, fiscal program and budget priorities.
During the meeting, officials also tackled measures to stabilize fuel supply, expand assistance to overseas Filipino workers affected by the Middle East crisis, and support the transport and food sectors, which are among the most vulnerable to rising oil prices.
The country is under a state of national energy emergency.
