Jamaine Punzalan

Motorists line up at a gasoline station along Philcoa in Diliman, Quezon City on Friday, March 6, in a rush to refuel ahead of the expected fuel price increase next week. Long queues of cars and motorcycles formed as drivers tried to fill up before the anticipated hike in gasoline and diesel prices.  Maria Tan, ABS-CBN News

Article (news)

OIL PRICE HIKE

Katrina Domingo

Victoria Tulad

ABS-CBN News

<div><iframe width="1023" height="575" src="https://www.youtube.com/embed/vho9Mhx50pw" title="LIVE: Presidential address on government&#x27;s action vs global oil price increases | March 25, 2026" frameBorder="0" allowfullscreen="" spellcheck="false"></iframe></div><p>MANILA (<strong>UPDATED</strong>) — President Ferdinand Marcos Jr. said he might sign on Wednesday a bill that would grant him emergency powers to reduce excise taxes on oil which had seen double-digit price hikes in the last three weeks. </p><p>Marcos earlier certified this measure as urgent, but has yet to sign it into law a week after Congress approved it on final reading, underscoring that it involves “a very complicated calculation.”</p><p>&quot;Natapos na ang kanilang pag-aaral doon sa batas na iyan at nasa amin na. Siguro by the end of today, I will be able to sign that into law already,&quot; Marcos said in a televised addressed. </p><p>&quot;Ngayon, titingnan ngayon natin kailan ang pinakamagandang oras, when is the best time to use that new authority because there are conditions within the law that have to be satisfied. But nonetheless, we are trying to determine,&quot; he said. </p><p>&quot;Ang mahirap talaga dito pabago-bago ang presyo,&quot; he added.</p><p>On Tuesday, Marcos placed the Philippines under a <a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/nation/2026/3/24/marcos-declares-state-of-national-energy-emergency-1927">state of national energy emergency</a>, citing an “imminent danger” to the “availability and stability of energy supply.”</p><div><em><a href="https://www.abs-cbn.com/news/nation/2026/3/24/marcos-declares-state-of-national-energy-emergency-1927"></a></em> <a href="https://www.abs-cbn.com/news/nation/2026/3/24/marcos-declares-state-of-national-energy-emergency-1927"></a></div><p>“The next part of the challenge we are facing was the supply of oil products,” he said.</p><p>“Ang instruction ko sa kanila wag niyong titigilan, maghanap pa kayo ng supply. Hindi natin alam how long this will last… how long the supply will be diminished from the Middle East,” he said.</p><p>Despite these statements, Marcos said that there should be no reason to panic.</p><p>“I want to assure everyone that this does not mean that we should panic. It means that we are doing everything we can to alleviate the situation,” he said.</p><p>“It is a precautionary tool so that we can prepare on what comes next. It is to provide government with more options should the need arise,” he said.</p><p>“Binibigyan nito ang ating pamahalaan ng kapangyarihan na kumilos nang mas mabilis, bumili ng langis na hindi na kailangang dumaan sa mas mahabang proseso,” he added.</p><div><br/></div><div><strong>NO TAKEOVER OF OIL FIRMS?</strong></div><p>Marcos, meanwhile, dismissed queries on whether the government is considering a takeover of oil companies to tame pump prices.</p><p>“I don’t want to go into that discussion,” Marcos told Palace reporters after delivering a statement in Malacañang. </p><p>The Philippines’ Republic Act No. 8479, or the Downstream Oil Industry Deregulation Act of 1998, allows the government to take over private oil firms during an emergency, while Republic Act No. 10623, or the Amended Price Act, authorizes the government to impose a price freeze on petroleum products during a state of emergency.</p><p>Still, the President said “nothing is off the table.&quot; </p><p>&quot;We are looking at everything that we can do. We are examining it very, very closely in great detail to see if it is going to be advantageous to our people,” Marcos said.</p><p>“Ang tanong ay kung ito ba ang ito ang pinakamabilis at pinaka epektibo na makakatulong sa taumbayan? Ito ba ay mararamdaman kaagad ng taumbayan?” he added.</p><div><br/></div><div><strong>LOST REVENUES</strong></div><p>Several analysts earlier warned that the government could lose hundreds of billions of pesos should oil taxes be reduced, but Malacañang earlier said that the President wanted this policy to be “enforced immediately.”</p><p>Aside from possibly cutting oil excise taxes, Marcos said that his administration would continue the distribution of aid packages and fuel subsidies, as well as Libreng Sakay programs to help temper the impact of oil price shocks.</p><p>Over 1.4 million drivers will receive fuel assistance on top of the support the Department of Social Welfare and Development (DSWD) earlier gave, he said.</p><p>“Hindi natin kontrolado ang presyo ng langis sa mundo ngunit ang hindi maaaring mangyari ay maramdaman ng mga Pilipino ang buong bigat nitong nangyayari na wala naman silang kinalaman,” Marcos Jr. said nearly a month since the Philippine transport sector was nearly crippled by soaring fuel prices.</p><p>“Agad na mararamdaman ng ordinaryong pilipino, hindi bukas, hindi sa isang linggo pero ngayon.”</p><p>So far, the Philippines has secured additional oil supply from countries that are not affected by Iran’s blockade in the Strait of Hormuz, where 20 percent of the world’s oil supply passes through.</p><p>The Philippines is in talks with various alternative suppliers, including <a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/nation/2026/3/24/marcos-declares-state-of-national-energy-emergency-1927https://www.abs-cbn.com/news/business/2026/3/25/philippines-eyeing-russian-oil-marcos-1336">Russia</a>, Marcos said. </p><div><br/></div><div><strong>SENATE SPECIAL SESSION  </strong></div><p>Meanwhile, Senate President Vicente “Tito” Sotto III said Wednesday that he would call on senators to hold a special session on the oil crisis if necessary. </p><p>“I will if needed. Not at the moment but I’m sure they are aware of developments in the country,” Sotto told reporters in a message. </p><p>“All legislators are expected to respond to any special session the President may call,” he added. </p><p>Senate Committee on Finance Chairperson Sherwin Gatchalian noted funds were enough for subsidies under the 2026 General Appropriations Act. </p><p>“Iba-iba yan. Merong assistance to persons in crisis. Meron rin yan mga livelihood programs. Meron din diyan pantawid pasado. So iba-iba. Pag inipon yan, ang computation namin, mga around 190 billion,” Gatchalian said during the Kapihan sa Senado. </p><p>Asked for his reaction on Marcos’ declaration of a state of national energy emergency, Sotto said, “Perhaps it has come to the attention of the President that there are unscrupulous people taking advantage of the ongoing crisis in the Middle East by jacking up their prices.” </p><p>Senate Deputy Majority Leader JV Ejercito also welcomed the declaration of a state of national energy emergency, but said the creation of a crisis committee was “a little bit too late” </p><p>“Dapat ito ay  noong umpisa pa lang nagkaroon tayo ng crisis committee noong nagkaka-problema na sa supply ng fuel when yung dinadaanan, yung passageway ng ano ay nagkaka-problema at hinarang na po ng Iran, the government should have already formed a crisis committee para mas naging mabilis,” Ejercito said during the Kapihan sa Senado. </p><p>“Dapat ang treatment dito parang same as 2020 na pandemic. Every time, dapat ang crisis committee nagmi-meeting, nag-iisip ng mga paraan,” he said. </p><div><em><a href="https://www.abs-cbn.com/news/nation/2026/3/24/marcos-declares-state-of-national-energy-emergency-1927"></a></em><br/></div>

<p>President Ferdinand Marcos Jr. said he might sign on Wednesday a bill that would grant him emergency powers to reduce excise taxes on oil. </p>

President Ferdinand Marcos Jr. said he might sign on Wednesday a bill that would grant him emergency powers to reduce excise taxes on oil.

Marcos says may sign bill to cut oil taxes on Wednesday

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Marcos says may sign bill to cut oil taxes on Wednesday

Katrina Domingo,

Victoria Tulad,

ABS-CBN News

Published March 25, 2026 03:00 PM PHT

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Updated March 25, 2026 05:31 PM PHT

Read More:

oil

fuel

excise tax

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Bongbong Marcos

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