President Marcos to certify as urgent proposal to reduce excise taxes on fuel products above $80 per barrel

President Ferdinand Marcos Jr. will certify as urgent a proposal that would grant him the authority to reduce excise taxes on petroleum products if prices exceed $80 per barrel, Malacañang said.

Palace Press Officer and Communications Undersecretary Claire Castro said the President may certify the measure as urgent because he originally requested both the House and Senate to grant him special powers to cut fuel taxes.

"Yes po, dahil po napapanahon (Yes, because it is timely)," Castro said on Wednesday, March 4, when asked if the President would declare the measure urgent.

Castro added that there has been no discussion yet on the exact amount or rate of reduction. She said the President is primarily seeking the authority itself to ease the potential impact of expected oil supply disruptions caused by the ongoing conflict in the Middle East.

"Noong napag-usapan po ito kahapon, wala pong napag-usapan kung gaano kalaki, kung gaano kababa. Basta ang gusto lamang po niya sana ay magkaroon po siya ng power; pero temporary lamang po ito (When this was discussed yesterday, there was no talk about how much the reduction would be or how low it would go. What he wants, for now, is simply to be granted the authority, though only on a temporary basis)," Castro said.

She added that in times of sudden crises, the government must be ready to assist citizens, particularly if fuel prices spike.

"At sa panahon po na ganito na biglaan po may nangyayaring ganitong hidwaan, kinakailangan din po tayong makaagapay sa ating mga kababayan lalo na kung sobrang taas po ng presyo po ng krudo (In times like this, when conflicts suddenly arise, we also need to be able to assist our fellow citizens, especially if fuel prices become extremely high)," Castro said.

On Tuesday, Marcos revealed plans to seek congressional approval for the authority, noting that it would take effect if Dubai crude surpasses $80 per barrel and the Middle East conflict persists for two months.

"I am going to talk to the leaders in both the House and in the Senate to maybe—this is not yet –this is not yet a sure thing, but this is something that we are discussing and it could be helpful—is to give me, the President, the authority to reduce excise tax on petroleum products should Dubai crude exceed $80 per barrel," Marcos said during a press conference.

He noted that granting such authority “is one tool that we will have to have.”

In Congress, a bill has already been filed in the House of Representatives to give Marcos the power to suspend excise taxes on petroleum products, while in the Senate, a separate bill seeks to allow the President to temporarily halt collection of petroleum taxes during national or global economic emergencies.

-Paraluman News