President Ferdinand 'Bongbong' Marcos Jr. has announced plans to declare urgent the bill that would allow him to temporarily suspend or reduce the excise tax on oil amid global economic concerns.
In a statement made in New York City on March 11, 2026, Philippine President Ferdinand ‘Bongbong’ Marcos Jr. revealed that he will certify as urgent the pending legislation which grants him emergency powers to temporarily suspend or reduce the excise tax on fuel products. This move follows the approval of a substitute bill by the House Ways and Means Committee, which seeks to address rising fuel costs influenced by the ongoing conflict in the Middle East. The proposed law permits the suspension or reduction of fuel excise taxes for up to six months, contingent on the average price of Dubai crude oil exceeding US$80 per barrel for the month preceding any tax suspensions. President Marcos emphasized that the urgency declaration will be made after the completion of committee reports, stating that premature declarations would not expedite the legislative process effectively. Senate committees on Ways and Means and Energy are also scheduled to hold hearings on several related bills. Energy Secretary Sharon Garin has expressed support for these measures, highlighting that suspending the tax for two months could potentially reduce diesel prices by as much as 6 Philippine Pesos per liter. This legislative development is closely monitored, with implications for economic relief sought by sectors including overseas Filipino workers and local consumers.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/979534/marcos-on-bill-allowing-him-to-suspend-fuel-excise-tax-i-ll-declare-it-as-urgent/story/
