Marcos ready to seek ‘special powers’ to reduce fuel excise tax

National

PRESIDENT Fedinand Marcos Jr. expressed readiness to ask “special powers” from the Congress to slash fuel excise taxes if Dubai crude oil stays above $80 a barrel for a while.

The push comes as tensions in the Middle East keep threatening global oil supply.

After a Cabinet meeting in Malacañang, Marcos made it clear that the special powers will not be a permanent measure but “just an emergency step if oil prices really don’t let up.”

Dubai crude did climb to $82 a barrel recently, but then dropped back to $76.50.

In a report by Philstar, Finance Secretary Frederick Go pointed out that the tax cut won’t kick in automatically once prices cross $80.

The government plans to wait and see how long prices stay high before making a move. If oil holds between $80 and $90 for up to two months, the government will roll out targeted fuel subsidies to help out drivers and farmers struggling with higher costs.

Marcos also tried to reassure everyone that the country has enough oil in reserve—enough to last 50 to 60 days.

He urged the public to conserve energy to help manage the situation.

Energy Secretary Sharon Garin said oil companies have promised to soften the blow of price hikes, and the Philippine National Oil Company now has orders to look into alternative fuel sources. Lawmakers still can’t agree on the plan; some are all for protecting consumers, while others worry about losing government revenue.(Jeff Marco Zamora, BiPSU Comm Intern)