Speaking with reporters earlier today, March 18, President Ferdinand Marcos Jr. has stated that as it stands, no final date has been set for a suspension of excise taxes on fuel, and that a decision will be made “when the situation calls for it.” This comes after the House of Representatives passed a bill authorizing the President to suspend said taxes in emergency situations earlier this week.
Marcos emphasized that the unpredictability of the situation in the Middle East necessitates this cautious approach. “We don’t know how long it will last for,” he explained. “We don’t know what the effects are, we don’t know what will happen in the Strait of Hormuz.”
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The more pressing concern, according to Marcos, is the oil supply issue. With a significant portion of the world’s energy supply unable to flow out of the Middle East, many oil-exporting nations have resorted to an export embargo to ensure the stability of their own reserves. As a result, the Philippine government is now considering its options for alternative suppliers, including Russia.
Despite this, the President continues to reassure the public that things are under control. In particular, he noted that fertilizer, an important petroleum byproduct for farmers, is in stable supply. According to Marcos, the country’s food supply is at normal levels, and vendors have been cooperative in keeping prices stable.
“We don’t have a problem sa supply, with petroleum products, including fertilizer for the farmers. That’s our main concern,” he said. "So far, we’ve been able to keep everything at normal levels. Everything is normal. No need to worry.”
Meanwhile, the cost of fuel continues to skyrocket, with this week’s price hike bringing diesel into triple-digit territory. The Land Transportation Franchising and Regulatory Board (LTFRB) has approved fare hikes to account for the unprecedented rise in fuel prices. The Senate has also approved a bill authorizing the president to remove or reduce fuel excise taxes if the price of Dubai crude exceeds an average of $80 per barrel for one month—minus the House version’s requirement to declare a state of national emergency to justify the measure.
