PBBM sets condition for fuel excise tax cut implementation

By Ruth Abbey Gita-Carlos, Philippine News Agency

STABLE SUPPLY. One of the gasoline stations being monitored by the local government in Bacolod City as the scheduled fuel price adjustments take effect Tuesday (March 10, 2026). President Ferdinand R. Marcos Jr. said the government may implement a fuel excise tax reduction, once global oil prices reach a specific threshold, as part of the plan to grant him emergency powers to address rising petroleum costs. (Photo: PNA/Facebook)

NEW YORK CITY – President Ferdinand R. Marcos Jr. on Tuesday (New York time) said the government may implement a fuel excise tax reduction, once global oil prices reach a specific threshold, as part of the plan to grant him emergency powers to address rising petroleum costs.

In an interview at The Pierre, A Taj Hotel, Marcos said he intends to certify the bill as urgent once the committee reports in both the Senate and the House of Representatives are completed.

“Because there’s no point of declaring it as urgent before the committee report has been completed,” he said, noting that the urgency certification would expedite deliberations during plenary debates in Congress.

Asked what specific provision he wants to be included in the proposed measure, Marcos said he wants to exercise emergency powers, if the price of Dubai crude oil reaches an average of USD80 per barrel for at least a month.

“It’s very, very simple. What we ask of the legislators is very simple. It’s that when the price of oil – at least this is the original version – when the price of oil has breached USD80 per barrel on average for a month, then the emergency powers can be exercised,” Marcos said.

Marcos, however, clarified that breaching the threshold would not automatically trigger the excise tax reduction but would allow the President to implement the measure, if necessary.

He also assured the public that the Philippines still has sufficient fuel supply, noting that additional shipments are 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,” Marcos said.

Marcos said the government is closely monitoring shipments that may pass through areas affected by geopolitical tensions to ensure accurate supply projections.

He admitted that it remains uncertain how long global tensions may last.

He said the government is exploring alternative suppliers as a contingency measure.

“Naghahanap tayo ng iba’t ibang lugar na makakapagbigay ng supply sa atin (We are looking at other countries that can provide supply to us, including) other countries [that] we normally do not buy oil from,” Marcos said, expressing hope that the Philippines reaches agreements with new suppliers to secure additional fuel stocks.