The Philippine Information Agency has announced that on 25 March 2026, Philippine President Ferdinand Marcos signed Republic Act No. 12316, which grants the President the power to temporarily suspend or reduce excise taxes on petroleum products under defined conditions. The Act enters into force on 9 April 2026. Note that a proposal for the automatic suspension of excise tax and VAT had been considered, but this was not approved.
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PBBM signs RA 12316 granting the President emergency p…