New york: President Ferdinand R. Marcos Jr. has announced that the Philippine government may implement a reduction in fuel excise tax if global oil prices hit a specified threshold. This measure is part of the plan to grant emergency powers to the President to address escalating petroleum costs. Speaking at The Pierre, A Taj Hotel, Marcos expressed his intention to certify the bill as urgent upon the completion of committee reports in both the Senate and the House of Representatives.

According to Philippines News Agency, Marcos emphasized that the urgency certification is crucial to expedite the legislative process during plenary debates in Congress. He outlined that the proposed measure seeks to grant him emergency powers if the price of Dubai crude oil averages USD80 per barrel for at least a month. Marcos clarified that surpassing this threshold would not automatically trigger an excise tax reduction but would authorize the President to implement the measure if deemed necessary.

Marcos reassured the public regarding the country's fuel supply, stating that the Philippines currently has sufficient reserves and additional shipments are on the way. He mentioned that the government is actively monitoring shipments that might traverse regions affected by geopolitical tensions to ensure accurate supply assessments. He acknowledged the uncertainty surrounding the duration of global tensions and highlighted the government's efforts in exploring alternative suppliers as a precautionary strategy.

The President revealed that the Philippines is considering sourcing oil from countries it does not typically engage with, expressing optimism about securing agreements with new suppliers to bolster the nation's fuel stocks.