MANILA — President Ferdinand Marcos Jr. has signed into law Republic Act No. 12316, granting the Chief Executive the authority to suspend or reduce excise taxes on petroleum products during times of national need.

The measure, signed on Wednesday, provides the President with emergency powers to immediately address the impact of rising fuel prices on consumers and key industries.

Under the law, the government may temporarily ease excise taxes on petroleum products to help mitigate inflation and lessen the financial burden on Filipinos.

The newly enacted law is seen as a proactive mechanism that enables quicker government response to global oil price fluctuations and domestic economic pressures.

By allowing flexibility in fuel taxation, the administration aims to cushion the effects of fuel price hikes on transportation, goods, and overall cost of living.

Republic Act No. 12316 is expected to play a crucial role in stabilizing fuel prices and supporting economic recovery efforts, especially during periods of volatility in the global oil market.

📷 Presidential Communications Office FB