The Philippine Congress transmitted a bill to the Office of the President authorizing President Ferdinand Marcos Jr. to suspend or reduce excise taxes on petroleum products amid rising global oil prices and Middle East tensions.
On March 24, 2026, the Philippine Congress officially transmitted House Bill No. 8418 to the Office of the President. This bill grants President Ferdinand “Bongbong” Marcos Jr. the temporary authority to suspend or reduce excise taxes on petroleum products. This measure aims to alleviate the impact of escalating global oil prices on Filipino consumers amid ongoing conflict in the Middle East, which has disrupted key oil supply routes.
Senate President Vicente “Sotto” III confirmed the transmission and noted the measure also includes provisions to postpone Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) elections. The bill, principally authored by House Speaker Faustino “Bojie” Dy III and House Majority Leader Ferdinand Alexander “Sandro” Marcos, was signed by Dy and enrolled by Sotto before transmission.
Under the bill, the President’s authority to adjust excise taxes is contingent upon recommendations from the Development Budget Coordination Committee working with the Department of Energy. This power activates only if the average price of Dubai crude oil exceeds $80 per barrel for one month or if a national emergency or calamity causes extraordinary domestic fuel price increases. Any tax suspension or reduction may last for up to three months and remain valid until December 31, 2028.
The bill’s timing corresponds with recent fuel prices surpassing 100 Philippine pesos per liter due to the conflict triggered by the February 27 U.S.-Israel Operation Epic Fury against Iran, which provoked retaliatory attacks and obstruction of the Strait of Hormuz — a critical oil shipping route. The Philippines imports most of its crude oil from Gulf countries impacted by these hostilities.
The Speaker’s office emphasized ongoing monitoring of the situation and collaboration with the Executive branch to support the Filipino populace during these challenging times.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/981193/bill-marcos-excise-taxes-oil-prices/story/
