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Jean Mangaluz - Philstar.com
March 3, 2026 | 1:20pm
An overseas Filipino worker (OFW) in Bahrain captured the intensity of the ongoing missile attacks in a video taken Sunday morning amid the joint military strike by the United States and Israel against Iran, with audible explosions and smoke visible rising into the sky.
Video courtesy of Shelamarie Tuquib) | via Aldo Banaynal / / The Freeman
MANILA, Philippines — President Ferdinand Marcos Jr. is considering asking Congress for emergency powers that would allow him to reduce excise taxes on fuel products as should the United States and Israel’s war against Iran prolong and worsen.
In a media briefing on Tuesday, Marcos said that the country still has sufficient oil reserves that can last up to two months.
While the Philippine government is hoping that the conflict will be resolved in four to five weeks and the price of oil will stabilize, it is also preparing for a scenario where the war drags on.
If Dubai crude comes to $80 to $90 per barrel for more than two months, subsidies will be distributed to the sectors that will be more affected: transportation and agriculture.
Marcos also said that the government will also mull providing free bus rides along major routes and freezing fare hikes in transportation hubs.
“There is also a proposal that we will examine further. We will… I am going to talk to the leaders in both the House and in the Senate to maybe, this is not yet — this is not yet a sure thing, but this is something that we are discussing and it could be helpful, is to give me, the President, the authority to reduce excise tax on petroleum products should Dubai crude exceed $80 per barrel,” Marcos said.
The country is not at that point yet however, Marcos emphasized. This is only a possible emergency measure, not a permanent one.
“It will be something that we will dispose of as soon as the crisis is over,” Marcos added.
The Department of Energy is also coordinating with oil companies that if they were to implement oil hikes, it should be staggered, Marcos added.
In an interview with the media after Marcos’ briefing, Finance Secretary Frederick Go explained that these are only measures that will take place if the effects of the war will prolong. For example, oil prices hiking up for one day will not be felt deeply in the supply chain, and therefore do not necessitate emergency interventions.
However, if the conflict is prolonged, then the government will have to intervene.
Iran is currently retaliating across the Middle East after the United States and Israel attacked the country.
