President Marcos: Repeal of oil deregulation law, removal of VAT on fuel under study

President Ferdinand R. Marcos Jr.said on Friday, March 27, the government is currently evaluating proposals to repeal the Oil Deregulation Law of 1998 and remove the value-added tax (VAT) on fuel.

While emphasizing that no options are being discounted, the President noted that such legislative changes would require lengthy deliberations and cannot be implemented immediately.

Speaking to reporters in Cavite on Friday, March 27, the President assured that all possible options remain under consideration. “As I said before, nothing is being discounted,” he said.

“Lahat ng maaaring gawin… ay talagang pinag-uusapan namin (Nothing is being discounted… everything that can be done is being discussed),” he added.

The administration’s current priority is to identify and deploy measures that provide immediate relief to the public amid rising oil prices caused by global market trends and tensions in the Middle East.

The President stressed that authorities are focusing on actions that can be implemented right away to assist affected sectors. “Our focus right now is what we can do immediately,” he said.

According to Claire Castro, Undersecretary of the Presidential Communications Office, the President is carefully weighing all policy options to balance assistance programs, transport fare adjustments, and inflation concerns to ensure no sector is disproportionately affected.

-Paraluman News