• GILBERT P. BAYORAN
Negros Occidental Governor Eugenio Jose Lacson has expressed full support to the initiative of President Ferdinand Marcos Jr. to seek emergency powers from Congress, allowing the national government to reduce excise taxes on petroleum products should global oil prices surge due to the escalating crisis in the Middle East.
In a statement, Lacson said the Philippines, like many countries, remains vulnerable to external shocks in the global energy market.
“With tensions in the region threatening to push crude oil prices beyond the $80-per-barrel threshold, the proposed measure provides the government with a necessary policy tool to act swiftly and cushion the impact on Filipino consumers,” he added.
The governor said that by providing the national government with the flexibility to temporarily adjust fuel excise taxes, “we can ensure that the government has the necessary tools to respond swiftly and decisively to protect the welfare of our people during times of global instability.”
“At a time when geopolitical tensions threaten economic stability across the world, preparedness and responsiveness are essential,” he added.
Lacson commended the President for taking early action to mitigate the possible effects of external shocks on the Philippine economy.
“We in the local government remain ready to support national efforts that safeguard the welfare of our people and ease the burden brought about by rising fuel costs,” he said. | GB
