President Bongbong Marcos said he would sign the bill into law.Â
President Bongbong Marcos will sign into law a bill that would allow the government to suspend or reduce excise taxes on fuel.
To cushion the effects of the tensions in the Middle East, particularly on oil prices, President Ferdinand “Bongbong” Marcos Jr. will sign the bill seeking to suspend the collection of excise taxes on fuel products.
However, Malacañang said the president will not immediately exercise these powers.
The proposed law grants Marcos Jr. the authority to temporarily freeze or cut fuel excise taxes during periods of high global oil prices or emergencies. The ongoing war has impacted pump prices and the cost of basic goods significantly, which has resulted in an additional burden for the poor Filipinos, making their daily survival even more difficult.
Under the measure, the president may intervene once oil prices hit a certain threshold. The bill that will turn into law is seen as a potential relief mechanism for consumers and transport groups affected by increasing fuel expenses.
“Nakipag-ugnayan din tayo sa Kongreso upang mabawasan at alisin na ang excise tax sa langis. ‘Yan ang batas na hinihingi natin sa unang-una. Natapos na ang kanilang pag-aaral sa batas na ‘yan at nasa amin na, at siguro by the end of today, I will be able to sign that into law already,” he said, as he confirmed that the urgent matter was sent to Malacañang for approval already.
As stated, he will not be exercising this power immediately due to the erratic fuel prices, which made it difficult for him to determine the best timing to do so.
Meanwhile, based on a previous article, Marcos declared a state of national energy emergency on Tuesday due to the ongoing conflict in the Middle East that caused increasing fuel prices.
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