President Ferdinand “Bongbong” Marcos Jr. on Wednesday, March 25, signed into law a measure granting him emergency authority to suspend or reduce excise taxes on petroleum products, as the government moves to cushion the impact of rising fuel prices on Filipinos.

The new law, Republic Act No. 12316, amends Section 148 of the National Internal Revenue Code of 1997, allowing the president to adjust excise taxes on fuel when necessary.

The measure aims to provide the government with flexibility to respond quickly to global oil price spikes, particularly amid ongoing geopolitical tensions affecting supply.

The move comes as fuel prices continue to surge due to the conflict in the Middle East and disruptions in key oil shipping routes such as the Strait of Hormuz, which supplies a significant portion of Asia’s petroleum needs. The Philippines, heavily reliant on imported fuel, remains vulnerable to these global developments.

By granting emergency powers, the law enables the administration to immediately ease the burden on consumers, transport workers, and businesses without waiting for lengthy legislative processes.

Officials said the measure complements existing interventions, including fuel subsidies for the transport sector, toll discounts, and other relief programs aimed at mitigating the effects of high oil prices.

The signing of the law signals the government’s proactive approach to managing the economic impact of volatile global energy markets while ensuring that support measures can be implemented swiftly when needed.