New york: President Ferdinand R. Marcos Jr. on Tuesday (New York time) announced that the government may implement a fuel excise tax reduction once global oil prices reach a specific threshold. This measure is part of a broader plan to grant him emergency powers to address rising petroleum costs.
According to Philippines News Agency, Marcos stated his intention to certify the bill as urgent once committee reports in both the Senate and the House of Representatives are completed. He emphasized that declaring urgency before the completion of these reports would be premature, and the certification aims to expedite deliberations during plenary debates in Congress.
When asked about the specific provisions he wants included in the proposed measure, Marcos highlighted the need to exercise emergency powers if the price of Dubai crude oil averages USD80 per barrel for at least a month. He clarified that this threshold would not automatically trigger the excise tax reduction but would permit the President to implement the measure if deemed necessary.
Marcos assured the public that the Philippines currently has a sufficient fuel supply, with additional shipments already in transit. He noted that the government is closely monitoring shipments that may pass through areas affected by geopolitical tensions to ensure accurate supply projections. Marcos admitted the uncertainty surrounding the duration of global tensions and stated that the government is exploring alternative suppliers as a contingency measure.
He expressed hope for reaching agreements with new suppliers to secure additional fuel stocks, explaining that the government is looking at other countries for potential supply sources, including nations from which the Philippines does not typically purchase oil.