DBCC to make fuel excise recommendation next week

THE Development Budget Coordination Committee (DBCC) is set to meet next week to formalize its recommendation to President Ferdinand R. Marcos, Jr. on action to be taken regarding the fuel excise tax, the Department of Finance (DoF) said.

“The technical board will meet on Friday, while the main DBCC will meet next week, so that before April 13 the DBCC will have a recommendation for the President’s consideration and approval,” Finance Undersecretary Karlo Fermin S. Adriano told a Senate hearing on Thursday.

Republic Act No. 12316, signed late Wednesday, gives the President the authority to reduce or suspend the excise tax on petroleum products upon recommendation of the DBCC and the Department of Energy (DoE).