There’s been a lot of talk about the possible removal of fuel excise taxes amid this ongoing crisis to help ease the load for motorists. Now, we’re finally seeing important developments.
President Ferdinand Marcos Jr. has just signed Republic Act No. 12316—this new law will allow him to reduce or suspend excise taxes on petrol products. This comes directly following the declaration of a State of National Energy Emergency.
The bill read: “The suspension or reduction may be applied to specific petroleum products and implemented either as a full suspension or partial reduction of the applicable excise tax rates under this Section, as may be warranted by prevailing conditions.”
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The bill also stated that this authority can only be exercised until December 31, 2028. Any suspension or reduction of taxes will not exceed a period of three months, and that the total duration should not exceed one year.
It’s been a tumultuous past few weeks, to say the least. The government has approved fare hikes for public transport vehicles, and even approved the importation of dirtier fuel to help meet supply. Hopefully, we start seeing the light at the end of the tunnel sooner rather than later.
