President Ferdinand “Bongbong” Marcos Jr. announced that he will sign into law a measure suspending the excise tax on petroleum products “by the end of today" as part of the government’s efforts to ease the impact of rising global oil prices on Filipinos.

“Nakipag-ugnayan din tayo sa Kongreso upang mabawasan at alisin na ang excise tax sa langis...Natapos na ang kanilang pag-aaral doon sa batas na yan at nasa amin na at siguro by the end of today, I will be able to sign that into law already,” Marcos said during his presidential address on Wednesday, March 25.

The move is intended to cushion citizens from the spike in fuel costs caused by the ongoing war in the Middle East and the closure of the Straits of Hormuz.

The suspension complements other measures already being implemented, including fuel subsidies for transport workers, toll reductions, free rides on public transport, and discounts on LRT-2 and MRT-3 fares.

Marcos emphasized that while global oil markets are beyond the government’s direct control, the excise tax suspension, together with ongoing interventions in supply and distribution, will provide immediate relief to consumers.

“This is part of a coordinated approach to ensure that our people feel the effect of government support directly and immediately,” he added.

The law is expected to take effect immediately upon signing, signaling the administration’s proactive stance in addressing energy and economic challenges amid global supply disruptions.