MARCOS SAYS VAT REMOVAL AND OIL DEREGULATION REPEAL STILL POSSIBLE

President Ferdinand Marcos Jr. said suspending the VAT and repealing the oil deregulation law remain possible, but immediate measures take priority.

He acknowledged that amending the oil deregulation law is a long process, and the focus is on actions that can be done quickly.

Senate President Tito Sotto has filed a bill to repeal the law, citing the government’s lack of control over volatile fuel prices amid external shocks.

Marcos has signed a law granting him emergency powers to lift the fuel excise tax temporarily, though he has not yet indicated when he will use them.

The country remains under a national energy emergency as economists warn of potential high inflation, rising unemployment, and worsening poverty amid the Middle East crisis.

Source: PhilNews24 | March 28, 2026