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Marcos Signs Law Allowing Fuel Tax Cuts - BusinessWorld Online
The law allows the President to suspend or reduce fuel excise taxes for up to three months when crude prices exceed $80 per barrel to protect consumers and the economy.
- On Wednesday, President Ferdinand Marcos Jr. signed Republic Act 12316, granting temporary emergency authority to suspend or reduce fuel excise taxes as global crude markets remain volatile.
- Global fuel prices have surged due to the US-Israel war on Iran, which disrupted the Strait of Hormuz where 20% of global fuel supplies pass through.
- The President may invoke this power if Dubai crude oil prices exceed $80 per barrel for one month, with any suspension capped at 3 months and authority expiring December 31, 2028.
- Analysts estimate the Philippines could lose P100 billion in revenue if taxes are suspended, and the administration is currently studying when to exercise this new authority.
- Marcos has also declared a state of national energy emergency, assuring the public the Philippines maintains about 45 days of fuel supply while securing additional imports from international partners.
12 Articles
12 Articles
Marcos signs law allowing fuel tax cuts - BusinessWorld Online
PRESIDENT Ferdinand R. Marcos, Jr. signed into law on Wednesday a measure granting the Executive branch temporary authority to suspend or reduce excise taxes on petroleum products when global oil prices hit critical levels, as the government seeks to cushion consumers and the economy from volatility in crude markets. Republic Act No. 12316 amends Section 148 of the National Internal Revenue Code of 1997, which governs excise taxes on manufacture…
Marcos signs law allowing him to suspend or reduce fuel excise tax
MANILA, Philippines – President Ferdinand Marcos Jr. on Wednesday, March 25, signed into law a bill authorizing him to suspend or reduce excise tax on petroleum products amid rising oil prices driven by the Middle East crisis. Under Republic Act No. 12316, the President may suspend or reduce fuel excise tax when the average Dubai crude oil price reaches or exceeds $80 per barrel for one month. “Any suspension or reduction…shall be effective for …
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