Recommendation to suspend fuel tax hike submitted to Palace

MANILA, Philippines — Economic managers have formally submitted to President Duterte their recommendation to suspend the second tranche of oil excise tax hike. 

“The Palace confirms that it has received the recommendation of the Development Budget Coordination Committee (DBCC) on the suspension of fuel excise tax,” presidential spokesman Salvador Panelo said in a statement. 

DBCC is composed of the heads of the finance and budget departments, the National Economic and Development Authority and the Bangko Sentral ng Pilipinas. 

“PRRD (President Duterte) is now reviewing the recommendation and let us just wait for an announcement through an executive issuance in this regard,” he added. 

Finance Assistant Secretary Tony Lambino said economic managers recommended the suspension because oil prices in the global market remain high. 

“We will continue to monitor the adjustments in oil prices and commodities,” Lambino said.