Philippines’ Marcos Signs Law to Halt Oil Tax Ahead of Transport Strike

Article content(Bloomberg) — Philippine public transport drivers began a two-day strike on Thursday, stranding hundreds of commuters, as soaring fuel prices led to losses.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe strike comes a day after President Ferdinand Marcos Jr. signed a law that authorizes him to suspend or reduce the excise tax on petroleum products as the war in Iran keeps fuel prices elevated.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentEach public transport driver loses 1,500-1,600 pesos ($25-$27) a day as crude prices shot up by as much as 120% in the last two weeks, according to Mar Valbuena, who heads MANIBELA, which groups drivers and transport terminals across the country.Article contentArticle content“Now our question is from whom or where will we recover those losses?,” he said in a Senate hearing. The law that Marcos signed doesn’t equate to an actual suspension in oil taxes, and so “the strike continues. The fight continues,” MANIBELA said on its Facebook page.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe law gives the president the power to halt or cut the tax when the average Dubai crude oil price reaches or exceeds $80 per barrel for a month. Marcos sought the authority earlier this month as the Middle East conflict caused prices of domestic fuel products to surge. Congress passed the measure weeks later.Article contentBrent crude rose toward $104 a barrel after losing more than 2% on Wednesday, as the US and Iran offered conflicting comments on efforts to end the war that’s shut the Strait of Hormuz. Article contentRead: Asia Braces for Worst-Case Energy Scenarios as Iran War Drags OnArticle contentThe government dispatched free shuttle services for commuters affected by the strike. In some parts of metropolitan Manila, there were long queues of drivers on some roads waiting to get their 5,000-peso fuel subsidy.Article contentDozens of schools in the country were either closed or switched to online classes on Thursday. Ahead of the transport strike, the US Embassy in Manila advised its citizens to avoid areas affected by the protests, warning them of significant disruptions to public transport. Article contentArticle contentFuel supplies are also getting scarce. “It is not a secret that it’s very hard to secure supplies now, so many of the traders are keeping quiet especially for deliveries in May. There has been no responses for tenders for May,” Raphael Capinpin, executive director of the Philippine Institute of Petroleum told the Senate hearing.Article contentA day after declaring a national energy emergency, Marcos on Wednesday assured that the Philippines has enough oil supply for at least 45 days and is confident of securing a steady flow afterward. Article contentThe Department of Energy said it has activated a 20-billion peso emergency fund to boost the country’s fuel security. It targets to import 2 million barrels of fuel to support domestic needs.Article content(Recasts and updates with details of transport strike.)Article contentTrending Meet the Canadian e-bike maker who is redefining the factory floor Electric Vehicles LNG Canada signs key pipeline agreement required for phase two expansion Energy Canada’s economic performance has been lagging the U.S. for years, and Statistics Canada delves into why Economy Why market bets for interest rate hikes in Canada are so high Economy Wealthsimple receives regulatory approval to offer prediction markets to investors Fintech Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Meet the Canadian e-bike maker who is redefining the factory floor Electric Vehicles LNG Canada signs key pipeline agreement required for phase two expansion Energy Canada’s economic performance has been lagging the U.S. for years, and Statistics Canada delves into why Economy Why market bets for interest rate hikes in Canada are so high Economy Wealthsimple receives regulatory approval to offer prediction markets to investors Fintech