Philippines President Seeks Emergency Powers to Reduce Oil Taxes

Mar 3, 2026

55 min

Mar 3, 2026 06:30

Philippines: President seeks emergency powers to cut oil excise taxes as prices spike amid Middle East war

## Rising Oil Prices Prompt Action

President Ferdinand Marcos Jr. of the Philippines is requesting emergency powers from Congress to temporarily reduce excise taxes on petroleum products. This move aims to mitigate the impact of soaring oil prices due to escalating tensions in the Middle East.

## Current Oil Supply

Marcos assured the public that the country has sufficient oil reserves, with stockpiles lasting between 50 to 67 days for various fuels. He emphasized that additional supplies are available from providers if needed.

## Proposed Tax Measures

The President is in talks with congressional leaders to gain temporary authority to cut fuel taxes if crude oil prices exceed $80 per barrel. This measure would be a short-term solution to protect consumers and businesses from rising costs in transportation, food, and electricity.

## Economic Implications

Under existing laws, excise taxes are suspended if oil prices remain above $80 per barrel for three months. However, Marcos's proposal seeks to allow quicker government intervention. Energy experts warn that ongoing instability in the Middle East could further tighten oil supplies, increasing inflationary pressures in the Philippines.

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