President Marcos to sign law giving him emergency powers to suspend or reduce oil taxes

Following the declaration of a state of national energy emergency on Tuesday, Philippines’ President Ferdinand Marcos Jr on Wednesday said he will be signing into law a measure giving him emergency powers to suspend or reduce the excise tax on oil.

He said his government is in talks with other countries who are not the traditional suppliers of oil to the Philippines. He also cautioned the public not to panic as he assured the government is working to ensure that the country will have a steady supply of oil after the 45 day’s worth of inventory runs out.