Economic managers are set to meet today to submit proposals to President Ferdinand Marcos Jr. addressing soaring oil prices from the Middle East war. Presidential Communications Undersecretary Claire Castro said the Development Budget Coordination Committee discussed measures including fuel excise taxes. The UPLIFT committee meeting is also scheduled.
The Development Budget Coordination Committee met last week to assess rising global oil prices' implications and evaluate responses, including fuel excise tax measures, Castro said at a Monday press briefing.
"They formulated their recommendation and they will have a meeting tomorrow (April 7) with the President to submit their recommendation for his approval," Castro stated. Marcos previously said "nothing is off the table" for easing Middle East war effects.
Today, Marcos will convene the UPLIFT committee—Unified Package for Livelihoods, Industry, Food and Transport—with energy, transportation, social welfare, agriculture, finance, NEDA, and budget secretaries. Discussions include DFA talks with Iran on safe passage for Philippine-bound tankers through the Strait of Hormuz.
Iran negotiations will not strain US ties, Castro noted, citing a Philippine oil deal with Russia. Marina spokesman Lui delos Santos said 16 private tankers are available, depending on importers. Fuel purchase limits and the Bayanihan 3 bill are also under review.
Meanwhile, Senate President Vicente Sotto III plans a meeting to revive joint oil and gas exploration with China in the West Philippine Sea, pitched earlier to former President Rodrigo Duterte.
