President Ferdinand R. Marcos Jr. will once again convene the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) Committee on Tuesday to assess possible fuel excise tax adjustments amid persistent global oil price volatility.

The meeting follows the effectivity of Republic Act 12316, which authorizes the President to temporarily suspend or reduce excise taxes on petroleum products under emergency conditions.

Palace Press Officer Claire Castro said the administration will announce updates after the meeting.

“Bukas po ay magkakaroon muli ng UPLIFT meeting at after the meeting, ibibigay po namin sa inyo ang pinaka-update at mayroon na po kaming iaanunsiyo (There will be another UPLIFT meeting tomorrow, and after the meeting, we will give you the latest update and make an announcement),” Castro said.

The UPLIFT Committee, created through Executive Order No. 110 last month and chaired by the President, leads the government’s response to the ongoing energy emergency triggered by geopolitical tensions in the Middle East.

It is tasked to stabilize fuel and food prices, support key sectors such as farmers, fisherfolk and transport workers, and protect consumers through targeted subsidies and interventions.

RA 12316 was enacted to provide the government with flexibility in responding to fuel price spikes, particularly when Dubai crude oil exceeds USD80 per barrel for a sustained period.

The Philippines, being a net oil importer, remains vulnerable to external supply shocks, with rising fuel costs impacting transport fares, food prices, and overall inflation.

Castro said the government continues to roll out support measures while evaluating further actions.

Among ongoing interventions are fuel subsidies for public utility vehicle drivers, assistance to farmers and fisherfolk, and the nationwide rollout of the service contracting program starting April 15.

Despite these measures, Castro said the government does not see the need to request for additional funding at this time.

“Sa ngayon po ay maayos pa po ang pondo mula sa 2026 GAA at masu-sustain pa po ito sa ngayon (At present, funds from the 2026 General Appropriations Act are sufficient and can sustain current efforts),” she said. (PNA)