MANILA, Philippines — President Ferdinand Marcos Jr. on Wednesday said he is set to sign into law a bill suspending the collection of excise taxes on fuel products, with approval expected “by end of day.”
The measure’s final version was transmitted to Malacañang after being signed by House Speaker Faustino Dy III, his office confirmed Tuesday.
Under the bill, the president is authorized to adjust or suspend fuel excise taxes based on recommendations from the Development Budget Coordination Committee and the Department of Energy, subject to specific conditions.
The proposed law comes in response to rising fuel prices linked to the ongoing conflict in the Middle East, which has put pressure on energy costs in the Philippines.