Palace won’t suspend excise tax on diesel, gas By Samuel P. Medenilla
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RESIDENT Ferdinand Marcos Jr. has decided not to use his powers under Republic Act No. 12316 to suspend the excise tax for diesel and gasoline, which economic managers said will be more beneficial to the rich and will result in a P43.6-billion revenue loss for the government. The chief executive made the decision a day after announcing the suspension of excise tax for kerosene and Liquified Petroleum Gas (LPG) upon the recommendation of the Development Budget Coordination Committee (DBCC) to cushion Filipinos from the rise in prices from petroleum products caused by the Middle East crisis.
In a press briefing in Malacañang on Tuesday, Department of Finance (DOF) Undersecretary Karlo S. Adriano disclosed the DBCC has proposed to limit the suspension of excise tax to kerosene and LPG, which are mostly used for cooking, since it would be beneficial for the country’s poorest. Citing the results of the 2023 Family Income and Expenditure Survey (FIES) of the Philippine Statistics Authority (PSA), he said around 50 percent of the consumption of kerosene come from the poorest households. As for LPG, he said 56 percent of its utilization comes mostly from low income households. “The suspension of LPG and kerosene excise tax is a direct help to our Filipinos and our small businesses like karinderyas. And accord-
ing to the estimate, the savings for LPG will be around 36.96 pesos per 11 kilogram cylinder; and for kerosene, it’s around 5.6 pesos per liter,” Adriano said. This is not the case for diesel and gas, which he said is mostly used by the high-income households, according to Adriano. Another factor that DBCC considered in its recommendation on the implementation of RA 12316 was its impact on government revenues. Adriano said the three-month suspension of the excise tax on LPG and kerosene will cost the government P4.1 billion. Such revenue losses will balloon to P43.6 billion if the suspension will also include diesel and gas. The inclusion of the diesel and LGP, he said, will deprive the government of a considerable
amount, which it now needs to support sectors greatly affected by the Middle East crisis. “That’s why our direction now, for now, is targeted [subsidies]—let’s prioritize the most vulnerable, but that doesn’t mean that we will not provide for the others, particularly the middle income classes,” Adriano said. He said the government is currently using a targeted approach to support public utility vehicles (PUV) such as jeepneys and UV express, which are dependent on diesel, with fuel subsidies and service contracting programs. DOF, however, said the DBCC has not ruled out recommending a possible suspension of the excise tax for diesel and gasoline if the need for it arises in the future. Adriano said the suspension of the excise tax See “Tax,” A2
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Wednesday, April 15, 2026 Vol. 21 No. 183
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SEC WANTS BSP TO REGULATE FINANCING, LENDING FIRMS By Andrea E. San Juan
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HE Securities and Exchange Commission (SEC) said it is in the middle of transferring its jurisdiction over financing and lending companies to the Bangko Sentral ng Pilipinas (BSP) in pursuit of a “secure, interoperable and trustworthy” credit ecosystem. At a Symposium hosted by the Consumer Lending Association of the Philippines (CLAP) on Tuesday, SEC Commissioner Rogelio V. Quevedo said: “I have mentioned I think more than twice to Governor Remolona and to the General Counsel. But it is in the law…
because financing and lending companies are part of the serious headaches of the SEC.” Quevedo added: “So we are trying to establish a secure, interoperable, and trustworthy credit ecosystem. I have always maintained that since this is credit, it should properly belong to the BSP.” The existing law, however, placed it with a joint regulatory ecosystem of the SEC and the BSP. As to the progress of transferring the entire finance and lending department from SEC to the country’s central bank, Quevedo said he has already submitted a position paper to See “BSP,” A2
PRICES STILL CLIMB Even as the government moves to import oil from Russia and other suppliers, with a petroleum price rollback expected in the coming days, the cost of basic commodities continues to rise, putting added strain on household budgets and raising concerns over inflation and supply chain pressures. BERNARD TESTA
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By Reine Juvierre S. Alberto
HE International Monetary Fund (IMF) significantly slashed its growth outlook for the Philippines to 4.1 percent this year, due to the fallout from the flood control scandal and spillovers from the Middle East war. In its latest World Economic Outlook (WEO) published on Tuesday, the IMF said the Philippine economy is now expected to expand by 4.1 percent in 2026, a steep cut from the 5.6-percent forecast in its January WEO update. This falls below the government’s 5 to 6 percent target set by the Development Budget Coordination Committee (DBCC). In a separate development, Moody’s Ratings said the Philippines is facing slower growth and faster inflation over the next two years, as it revised its projections amid rising oil prices caused by the Middle East conflict.
The IMF said the growth downgrade reflects weaker-than-expected growth in late 2025 and base effects. The Philippine economy posted a disappointing growth of 3 percent in the fourth quarter of 2025, while full-year growth slowed to 4.4 percent. On top of this, the Philippines is also dealing with lingering confidence concerns stemming from the flood control corruption scandal and the ongoing Middle East conflict, the IMF said. “Risks to growth are tilted to the downside while inflation risks are See “Growth,” A2
Heeding Palace, BIR sets May 15 ITR filing deadline By Reine Juvierre S. Alberto
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N line with a directive of President Ferdinand Marcos Jr., the Bureau of Internal Revenue (BIR) has extended the deadline for the filing and payment of annual income taxes to May 15 to give taxpayers additional relief amid the ongoing energy crisis. Internal Revenue Commissioner Charlito Martin R. Mendoza issued Revenue Memorandum Circular No. 030-2026 on Tuesday, moving the deadline from April 15 for the filing of 2025 annual income tax returns (AITR) and payment of taxes due. The extension follows the issuance of Executive Order No. 110, series of 2026, which declared a State of National Energy Emergency and authorized a unified support package for livelihoods, industry, food, and transport. The BIR said the order was issued to provide taxpayers more time to
properly file their returns, settle their obligations and submit the required attachments without the imposition of penalties, “particularly at a time when the effects of rising oil prices are being felt.” Taxpayers may file their returns through the BIR’s electronic filing platforms and pay their taxes via electronic payment platforms or manually through Authorized Agent Banks, regardless of their Revenue District Office jurisdiction. “In line with the directive of President Ferdinand R. Marcos Jr., this extension is meant to make tax compliance easier for taxpayers at a time when many are managing added strain from the ongoing energy crisis,” Mendoza said in a statement. The BIR seeks to collect P499.104 billion this April, the highest for the year, since annual taxes are settled during the month. (See: https://businessmirror.com.ph/2026/04/02/ See “ITR,” A2
PESO EXCHANGE RATES n US 60.3750 n JAPAN 0.3789 n UK 81.5727 n HK 7.7112 n CHINA 8.8397 n SINGAPORE 47.4423 n AUSTRALIA 42.8240 n EU 71.0070 n KOREA 0.0409 n SAUDI ARABIA 16.0889 Source: BSP (April 14, 2026)