The earliest President Ferdinand Marcos Jr. can act on a newly signed law allowing him to suspend or reduce excise taxes on petroleum products is around April 12 or 13, a senior finance official told senators Thursday.
Department of Finance Undersecretary Karlo Adriano gave that timeline during a hearing of the Senate Proactive Response and Oversight for Timely and Effective Crisis Strategy committee, citing a 15-day window tied to the law’s publication and effectivity requirements.
“In terms of the timeline, there is the 15-day period (after completion of) publication and effectivity. So the earliest that the president can issue the EO (executive order) is around April 12 or 13, if I’m not mistaken with my numbers,” Adriano said.
The law in question, Republic Act No. 12316, was signed by Marcos on Wednesday, March 25. It sets two conditions before any suspension or reduction of the levy can take effect: the average Dubai crude oil price based on Mean of Platts Singapore must reach or exceed $80 per barrel for one continuous month, and the Development Budget Coordination Committee must have issued a formal recommendation.
Adriano confirmed that the price threshold has already been met. The DBCC, of which the DOF is a member, was set to convene Friday to begin the recommendation process.
“In terms of the update on the DBCC, we will already be meeting on Friday. And then definitely we will come up with a recommendation by next week so that as soon as the law is in effect by around April 13, the president can already issue that EO if ever,” Adriano said, responding to queries from Sen. Bam Aquino.
Aquino pushed back on any suggestion of delay, noting that the Senate had fast-tracked the bill after Marcos certified it as urgent.
“We also hope that we will act with urgency,” Aquino said. “And if the earliest date legally is April 12 or April 13, we expect this to happen on April 12 or April 13.”
Adriano assured the committee the DBCC’s recommendation would be ready before that window opens.
