Temporary Reduce Excise Taxes Provoked.

With global oil prices experiencing volatility due to Middle East tensions, President Ferdinand Marcos Jr. signaled, that he is prepared to invoke emergency powers to shield the domestic economy. The administration is working with Congress to secure the authority to temporarily reduce excise taxes on petroleum products if Dubai crude stays above $80 per barrel. While the Philippine economy is projected to grow, the government is wary of leakages in the supply chain. Economists have suggested realigning a portion of infrastructure funds toward social services to mitigate the impact of rising energy costs on the working class.

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