MARCOS SIGNS LAW GRANTING POWER TO SUSPEND OR REDUCE OIL EXCISE TAX

President Ferdinand Marcos Jr. signed Republic Act No. 12316, granting him emergency powers to suspend or reduce excise taxes on petroleum products.

The law allows the President to act when the average Dubai crude oil price reaches or exceeds $80 per barrel for a month, with suspensions or reductions lasting up to three months.

The measures can apply to specific petroleum products and may be implemented fully or partially, and the authority is valid until December 31, 2028.

During the suspension or reduction, oil companies must report monthly price components to the Department of Energy, and the President must submit a detailed report to Congress within 15 days.

The report will cover the rationale, expected revenue impact, effects on inflation and fuel prices, and recommendations on whether the tax adjustments should continue.

Source: PhilNews24 | March 26, 2026