Manila:President Ferdinand R. Marcos Jr. is set to make a swift decision on the potential cut or suspension of fuel excise taxes after receiving a recommendation from the Development Budget Coordination Committee (DBCC), as reported by Malaca±ang on Wednesday.

According to Philippines News Agency, Palace Press Officer Claire Castro confirmed that the DBCC study has been completed and the recommendation was submitted to President Marcos on Tuesday. Castro stated that a decision would be made promptly, although she did not disclose the details of the recommendation. The public is advised to await the President's announcement once the decision is finalized.

The proposal for suspension is being considered due to elevated fuel prices and their potential impact on consumers and the economy. The DBCC's review follows the Department of Energy's certification that from August 13 to September 11, the one-month average price of Dubai crude reached USD99.41 per barrel, surpassing the USD80 threshold set under Republic Act No. 12316 for possible excise tax suspension or reduction.

Republic Act No. 12316 permits the President, based on the DBCC's recommendation and in coordination with the Energy Secretary, to suspend or reduce excise taxes on certain petroleum products when the Dubai crude price exceeds USD80 per barrel. Such relief can be granted for up to three months per occurrence.

Previously, in April, President Marcos exercised his authority to suspend excise taxes on LPG and kerosene following a DBCC recommendation. These taxes were reinstated in July when oil prices fell below the statutory threshold.