Manila: The economic team is seeking Congressional approval to grant President Ferdinand R. Marcos Jr. the authority to temporarily reduce excise taxes on fuel if Dubai crude oil prices surpass USD80 per barrel, as stated by Finance Secretary Frederick Go on Tuesday. This measure is not intended for immediate implementation but is rather a precautionary tool for the President to protect Filipino consumers and the broader economy.

According to Philippines News Agency, Go emphasized that the current trading price of Dubai crude oil is between USD76 to USD78 per barrel. The proposed reduction in excise tax is part of a broader government initiative to mitigate the impact of the ongoing conflict in the Middle East.

Go highlighted President Marcos' directive to monitor developments related to the conflict involving the United States, Israel, and Iran, focusing on its potential effects on global oil markets and the Philippine economy. Despite having an oil buffer that covers approximately 50 to 60 days of national demand, the government remains vigilant in monitoring global oil prices and the conflict's duration.

"We are committed to protecting the welfare of all Filipinos amid the ongoing conflict," Go stated. The Department of Finance will maintain close coordination with relevant agencies to ensure a calibrated, responsible, and timely response to global developments.