Marcos announces fuel subsidies, mulls cut in oil excise taxes

The Philippine government is eyeing targeted fuel subsidies to the transport and agriculture sectors amid looming oil price hikes due to the crisis in Iran. President Ferdinand Marcos Jr said there is also a proposal for Congress to give him the power to reduce excise taxes on petroleum products should Dubai crude exceed $80 per barrel. “Wala pa tayo dun. In case it happens, this is one tool that we would have to have,” he said, adding that the emergency measure will not be permanent. He said the Philippines currently has a 50-60 day stockpile of various fuel products.