President Ferdinand R. Marcos Jr. has certified as urgent a bill that would give him the authority to temporarily suspend or reduce excise taxes on petroleum products during national or global economic crises.

The move comes as local fuel prices rise due to instability in global oil markets, driven by escalating tensions in the Middle East and concerns over possible disruptions in major energy supply routes like the Strait of Hormuz, a key corridor for one-fifth of the world’s oil shipments.

In a letter to House Speaker Faustino “Bojie” Dy III on Thursday, Marcos certified House Bill 8418 as urgent. The measure “allows the government to respond promptly to extraordinary fuel price volatility and stabilize domestic fuel prices during periods of severe economic disruption,” the letter stated.

The proposed excise tax adjustment is part of a set of contingency measures aimed at mitigating the impact of the ongoing Middle East crisis on the Philippine economy. Marcos emphasized that any tax relief would be temporary.

This week, the prices of diesel, gasoline, and kerosene rose by about PHP10 per liter following Iran’s partial blockade of the Strait of Hormuz. (PNA)