Philippine President Marcos Jr. Signs Law to Adjust Excise Tax on Petroleum Amid Fuel Price Surge

Philippine President Ferdinand Marcos Jr. has enacted legislation allowing him to suspend or lower the excise tax on petroleum products. Bloomberg posted on X that this decision comes as the ongoing conflict in Iran continues to drive fuel prices higher. The law aims to provide relief to consumers facing increased costs due to the geopolitical situation affecting global oil markets. The move is part of broader efforts to stabilize the economy and mitigate the impact of external factors on domestic fuel prices.