President Ferdinand R. Marcos Jr. is set to formally request emergency powers from Congress this Monday to reduce excise taxes on petroleum products. The move aims to shield Filipino consumers from the economic fallout of the escalating conflict in the Middle East.
Palace Press Officer and PCO Undersecretary Claire Castro confirmed the development during the President’s working visit to New York, noting that the Department of Energy (DOE) will spearhead the formal request.
The President had previously signaled his intent to intervene should global crude prices hit the critical threshold of $80 per barrel. With market volatility rising, the administration is moving to provide immediate financial relief through a tax reduction.
“The Department of Energy is coordinating the effort, and the formal call to Congress will be made this Monday,” Castro stated.
As the administration seeks to lower costs, Malacañang issued a stern warning to businesses attempting to exploit the crisis. The DOE has already issued show-cause orders to 54 gas stations to investigate potential violations of price adjustment guidelines.
Undersecretary Castro emphasized that the government will not hesitate to take legal action against those engaging in fraudulent pricing: “The President’s call is for unity during this global crisis. To those who seek to take advantage: there will be consequences. You will face lawsuits, and you risk the permanent cancellation of your business permits.”
The Palace reiterated that the focus remains on collective resilience. “We must help one another rather than pulling each other down,” Castro added, reflecting the President’s stance that economic stability requires both government intervention and private sector integrity.
