President Ferdinand Marcos Jr. said the government could implement a reduction in fuel excise taxes if global oil prices reach a specific threshold, under a proposed bill granting him emergency powers to address rising petroleum costs.
Speaking at The Pierre, A Taj Hotel on Tuesday (Wednesday in Manila), Marcos said he plans to certify the measure as urgent once committee reports in both chambers of Congress are finalized.
“Because there’s no point of declaring it as urgent before the committee report has been completed,” he explained.
The President specified that emergency powers could be triggered if Dubai crude oil averages $80 per barrel for at least one month.
“It’s very, very simple. What we ask of the legislators is very simple. It’s that when the price of oil… has breached USD80 per barrel on average for a month, then the emergency powers can be exercised,” Marcos said.
He clarified that surpassing the threshold would not automatically lead to a tax cut but would authorize the government to implement one if deemed necessary.
Marcos assured the public that the country has sufficient fuel supplies, with additional shipments already in transit.
“In terms of supply, we are in good shape and not only do we have inventory in the Philippines, we also are waiting some supplies coming in that are in transit,” he said.
As a contingency, the government is exploring agreements with new oil suppliers beyond its traditional partners.
“Naghahanap tayo ng iba’t ibang lugar na makakapagbigay ng supply sa atin… other countries [that] we normally do not buy oil from,” Marcos added.
The proposed measure comes amid ongoing global instability that continues to drive fuel price volatility, fueling concerns over inflation and energy security.