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Alexis Romero - The Philippine Star
April 7, 2026 | 12:00am
MANILA, Philippines — Economic managers are expected to meet today and submit to President Marcos their proposals for addressing soaring oil prices, as the administration continues to deal with the impact on the country of the war in the Middle East.
Presidential Communications Undersecretary Claire Castro said the Development Budget Coordination Committee (DBCC), during a meeting last week, came up with possible measures to cushion the effects of rising fuel costs.
The DBCC, which reviews and approves economic and fiscal targets and priorities, consists of the Office of the President, as well as departments of budget, finance and economic planning and development. The Bangko Sentral ng Pilipinas serves as a resource institution of the committee and is responsible for monetary measures and policies.
“The DBCC had a meeting and they had a discussion to assess the implication of the rising global oil prices and to evaluate possible policy responses, including the measures on fuel excise taxes, during the Holy Week,” Castro said at a press briefing yesterday.
“They formulated their recommendation and they will have a meeting tomorrow (April 7) with the President to submit their recommendation for his approval,” she added.
Castro vowed to provide details on the recommendations after they are submitted to Marcos, who previously said that “nothing is off the table” when it comes to easing the effects of the war in the MIddle East.
“If he (Marcos) sees that the recommendations are beneficial to the nation, they will be immediately acted upon by the President,” the Palace press officer said.
Marcos is also scheduled to convene today the UPLIFT committee, the interagency body tasked with discussing strategies for assisting sectors affected by oil price hikes. UPLIFT stands for Unified Package for Livelihoods, Industry, Food and Transport.
Marcos heads the UPLIFT committee with the secretaries of energy, transportation, social welfare, agriculture, finance, economic planning and development and budget departments as members.
Expected to be discussed in the UPLIFT committee’s meeting is the Department of Foreign Affairs’ talks with the Iranian government on ensuring the safe passage of Philippines-bound oil tankers through the Strait of Hormuz.
The energy department was also scheduled to hold a meeting yesterday to discuss matters related to fuel supply.
US relations
Castro also stressed that negotiations with Iran are unlikely to strain the country’s relations with the US, its oldest defense ally.
She noted that the Philippines also made an oil procurement deal with Russia, an acknowledged US rival.
Castro said they are still awaiting responses from Tehran and the Maritime Industry Authority (Marina) when asked whether Philippine-bound vessels were already able to pass through the strait.
Marina, through spokesman Lui delos Santos, meanwhile said the country has 16 privately owned tankers that could be used to transport fuel from the Middle East, “but the decision to utilize them would still depend on the importers.”
Castro said the government would also look into other proposals, including the imposition of fuel purchase limits and the Bayanihan 3 bill, which contains a package of measures aimed at helping vulnerable sectors and introducing long-term reforms.
“We need to know the details of the (Bayanihan 3) bill and all measures that will help our countrymen will be acted upon and supported by our President,” Castro said.
“We are waiting for the version (they will approve) because it has to be fast-tracked. It would be better if they hasten it so it can be studied early and it can be implemented as soon as possible,” she added.
Joint exploration
With no end in sight to the energy crisis, Senate President Vicente Sotto III is eyeing a meeting with the Marcos administration to revive a stalled proposal for a joint oil and gas exploration with China in the West Philippine Sea.
Sotto revealed that he had previously pitched the initiative to former president Rodrigo Duterte during the early years of his term.
While Duterte and then executive secretary Salvador Medialdea were receptive to the idea, Sotto noted that “nothing came out of it.”
Asked if he is hopeful the venture will finally push through under President Marcos, Sotto said: “I hope so… I might ask for a meeting after I discuss it with our group again.” — Neil Jayson Servallos, Helen Flores, Evelyn Macairan
