Manila: President Ferdinand R. Marcos Jr. is set to meet with the Development Budget Coordination Committee (DBCC) on Tuesday to tackle recommendations on the possible suspension or reduction of excise taxes on petroleum products, Malaca±ang said Monday.

According to Philippines News Agency, Palace Press Officer Claire Castro stated that the DBCC proposal will be subject to the President's approval, as the government considers measures to mitigate the impact of rising global oil prices. Castro emphasized the importance of balancing the need for government revenue with the necessity to address the economic strain caused by increased fuel costs.

The meeting occurs amidst the Philippines' struggle with escalating fuel expenses, driven by tensions in the Middle East. Disruptions in the Strait of Hormuz, a crucial passage for about 20 percent of the global oil supply, have exacerbated the situation, prompting discussions on possible fiscal interventions.

On March 25, President Marcos signed Republic Act No. 12316, granting him the authority to suspend or reduce excise taxes on petroleum products when Dubai crude prices exceed USD80 per barrel. This legislative move underscores the administration's proactive stance in managing economic challenges posed by volatile oil markets.

The DBCC's recommendations are anticipated to present various fiscal scenarios and potential trade-offs. The government aims to balance its revenue needs with the pressing demand to provide relief to consumers and transport sectors affected by the oil price surge. These proposed adjustments in tax policy form part of a broader government strategy under its energy emergency framework, which also includes fuel subsidies, transport support, and efforts to diversify energy supply sources.