The Philippine Exporters Confederation, Inc. (PHILEXPORT) commends the signing into law by Ferdinand Marcos Jr. of a measure authorizing the Chief Executive to suspend or reduce excise taxes on petroleum products in response to sharp increases in oil prices globally.
PHILEXPORT President Sergio R. Ortiz-Luis Jr. said the new law provides a timely and much-needed policy tool to cushion the impact of double-digit fuel price hikes on exporters, manufacturers, logistics providers and consumers.
“For exporters, especially MSMEs, transport and logistics costs are a major component of overall expenses. Any relief on fuel costs will help preserve competitiveness in already volatile global markets,” Ortiz-Luis said.
He noted that the recent escalation of geopolitical tensions and supply uncertainties that caused higher oil prices has triggered a ripple effect across supply chains—from freight and trucking to power and production costs.
“There are members who have expressed the possibility of reducing workhours due to higher input costs”, he added. “The ability of the President to suspend or reduce excise taxes on fuel can help cut operating costs, prevent further price pass-through, and ultimately protect jobs and livelihoods.”
