Manila: President Ferdinand R. Marcos Jr. is expected to sign into law a measure granting him authority to suspend or reduce excise taxes on fuel, as the government moves to cushion the impact of rising oil prices. 'Siguro (Maybe) by the end of the day, I will be able to sign it already,' Marcos said Wednesday.

According to Philippines News Agency, the proposed legislation seeks to provide the President with emergency powers to adjust fuel excise taxes, seen as a key measure to mitigate the effects of surging pump prices driven by the ongoing crisis in the Middle East. The government has also begun rolling out fuel subsidies to public transport operators, farmers, and fisherfolk to help offset higher fuel costs.

In addition, billions of pesos are being mobilized to stabilize supply and prices, including PHP20 billion sourced from the Malampaya Gas Fund. The President on Tuesday declared a state of national energy emergency to allow faster government response and ensure adequate fuel supply amid global uncertainties.

In the same briefing, Marcos said the declaration will 'provide government with more options should the need arise.' 'Nothing is off the table. We are looking at everything, everything that we can do. And so whatever suggestion that has been brought to us, whatever idea that has, that we have come up with. We are examining it very, very closely in great detail to see if it is going to be advantageous to our people,' he said.