Philippines Removes Kerosene, LPG Taxes to Temper Food Prices

The Philippines is removing excise taxes on kerosene and liquefied petroleum gas to curb food inflation, President Ferdinand Marcos Jr. said Monday.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — The Philippines is removing excise taxes on kerosene and liquefied petroleum gas to curb food inflation, President Ferdinand Marcos Jr. said Monday.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.Marcos also said the government plans to lower tariffs on farm imports, cut transport costs for food products and has talked to producers to keep prices of basic goods stable until end-April.“All of these measures are centered on the price of food, to keep the price of food down,” the president said at a televised briefing. “We were hoping for good peace talks, but it looks like they didn’t reach a deal, so we keep supporting our countrymen.”The moves are meant to soften the impact of higher commodity prices on consumers as Philippine inflation surged to a near two-year high in March. Global crude costs have risen sharply since the US and Israeli strikes on Iran six weeks ago, with price pressures spreading to transport, food and logistics. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.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.Oil prices surged again on Monday as the US vowed to blockade all vessels passing through the Strait of Hormuz and peace talks with Iran collapsed over the weekend. The strait is the world’s most important energy chokepoint, and practically all of the Philippines’ oil imports passes through that waterway.Marcos said he’ll meet with Cabinet officials on Tuesday to discuss further ways to keep prices in check, including a possible halt in oil excise taxes. He however signaled that he’s against calls to suspend the value-added tax on petroleum products, as his government needs revenue to fund assistance to vulnerable sectors.—With assistance from Cliff Venzon.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.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.