President Ferdinand “Bongbong” Marcos Jr. has ordered the temporary suspension of excise taxes on liquefied petroleum gas (LPG) and kerosene.
This follows the signing of Executive Order No. 114, based on the recommendation of the Development Budget Coordination Committee (DBCC).
Under the order, excise taxes on these petroleum products will be suspended for three months from its effectivity.
However, the suspension does not cover LPG used as raw material for petrochemical production, LPG used as fuel for vehicles, or kerosene used as aviation fuel.
The DBCC will review the measure on a monthly basis and may recommend whether to continue, extend, or terminate the suspension depending on global oil price trends.
In addition, the Department of Energy (DOE), Department of Finance (DOF), and Bureau of Customs (BOC) have been directed to monitor the implementation of the order.
These agencies are also required to conduct an inventory of LPG and kerosene stocks once the executive order takes effect.
(PHOTO COURTESY: Bongbong Marcos | Facebook)
