Metro Manila, Philippines – President Ferdinand Marcos Jr. said he will assess when to cut or suspend the fuel excise tax as Congress is poised to approve the bill on Wednesday, March 18.
Marcos certified the measure as urgent, and lawmakers have responded to its quick passage as a way to provide immediate relief to consumers in a regime of soaring fuel prices.
Asked by the media on when he would cut or suspend the levy, Marcos said, “That depends…that’s a very complicated calculation.” The president was on an early morning market visit in Mandaluyong City to check on the prices of basic goods.
He said the government will continue to monitor price trends in a highly speculative global oil trade.
“We are just adjusting to the situation. And when the situation calls for it, then we will see when to exercise that power and by how much,” Marcos said.
The Middle East remains on the edge since the United States and Israel jointly attacked Iran on Feb. 28, resulting in Tehran striking American bases in neighboring countries.
Iran also shut the Strait of Hormuz, a vital waterway for a fifth of the world’s oil supply.
Local pump prices this week reached around ₱91 for gasoline, ₱114 for diesel, and ₱143 for kerosene.
Gov’t interventions
After another week of big-time oil price hikes, the government began distributing ₱5,000 in cash relief assistance for public transport drivers, initially with tricycle drivers.
The agriculture and transportation departments are preparing fuel subsidies for farmers, fisherfolk, and transport operators and drivers before March ends.
Costly fuel has also triggered fare hikes in other transportation modes.
Asked what government aid the middle class could expect, especially those who are driving cars for their commute, Marcos only answered: “That’s why we have the authority for the excise tax.”
“What we are worrying about right now is the oil supply,” the president said, noting that consumers are beginning to conserve energy.
Marcos said the supply of food, petroleum products, and fertilizers is enough.
“So far, we’ve been able to keep everything at normal levels. Everything is normal. No need to hoard. Our vendors are cooperating,” he said.
He said the government aims to maintain market price levels.
Agriculture Secretary Francisco Tiu Laurel Jr. will recommend to the president a ₱50 price cap on imported rice, as he noticed “unreasonable” increases.
The Department of Agriculture is selling well-milled rice for ₱48/kilogram (kg) and ₱45/kg in over 30 markets in Metro Manila, and will be available as well in Metro Cebu.
