President Ferdinand “Bongbong” Marcos Jr. has decided to wait for the congressional committee’s report on proposed emergency powers to reduce oil excise taxes amid Middle East tensions before declaring the measure urgent.
President Ferdinand “Bongbong” Marcos Jr. is currently awaiting the report from the congressional committee deliberating on bills that would grant him emergency powers to reduce excise taxes on oil products. This comes as global oil prices surge due to ongoing conflicts in the Middle East. According to presidential spokesperson Undersecretary Claire Castro, the President will hold off on certifying the measure as urgent until the committee completes its review. Marcos had previously indicated that he would formally request Congress to authorize the tax cut once Dubai crude oil prices climb above $80 per barrel. The Senate President, Vicente “Tito” Sotto III, confirmed ongoing coordination with the Executive Secretary’s office on the matter. Energy Secretary Sharon Garin expressed support for a proposed two-month excise tax suspension, highlighting that it could reduce diesel prices by up to 6 pesos per liter. At least five bills pending in Congress seek to empower the President to implement such tax reductions during emergencies. House Ways and Means Committee Chairperson Miro Quimbo noted that deliberations on these bills could be completed as early as March 11, 2026.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/979378/marcos-awaits-report-on-power-to-cut-oil-excise-tax-before-certifying-it-urgent/story/