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Manila Bulletin devider Philippines devider National devider Oil deregulation repeal, VAT removal under study but focus is on helping Filipinos—Marcos

Oil deregulation repeal, VAT removal under study but focus is on helping Filipinos—Marcos

Published Mar 27, 2026 11:54 am
President Ferdinand 'Bongbong' Marcos Jr. (Mark Balmores)
President Ferdinand 'Bongbong' Marcos Jr. (Mark Balmores)

President Marcos said proposals to repeal the Oil Deregulation Law and remove the value-added tax (VAT) on fuel are being studied, but stressed that the government is focused on immediate measures to ease the impact of rising oil prices.

“As I said before, nothing is being discounted,” he told reporters in Cavite on Friday, March 27.

“Lahat ng maaaring gawin… ay talagang pinag-uusapan namin (Nothing is being discounted… everything that can be done is being discussed),” he added.

However, Marcos noted that proposals such as amending or repealing the Oil Deregulation Law would require extensive discussion and cannot be implemented right away.

The Oil Deregulation Law liberalized the downstream oil industry in 1998, allowing oil companies to set pump prices based on global market conditions rather than government control.

Meanwhile, under the current tax system, fuel products are also subject to a 12-percent VAT, on top of excise taxes, which contributes to the overall retail price of petroleum products.

“You know, we will have to amend the oil deregulation, mahaba pang diskusyon ‘yon (Amending the oil deregulation law will take a long discussion),” he said.

He added that it remains uncertain when such reforms could be finalized.

All options on the table

Despite this, the President emphasized that the government is studying all possible interventions to cushion the effects of the Middle East conflict on fuel prices.

“Lahat ng maaaring gawin ay tinitingnan namin, pinag-aaralan namin (Everything that can be done is being looked at and studied),” Marcos said.

The President said the government is prioritizing actions that can deliver immediate assistance to Filipinos affected by the global fuel crisis.

“Our focus right now is what we can do immediately,” he said.

“Kung ano ang maaari nating paratingin kaagad na tulong sa taumbayan, yun ang aming ginagawa (Whatever help we can immediately provide to the public, that is what we are doing),” he added.

Malacañang earlier said President Marcos is carefully balancing the rollout of government assistance, transport fare policies, and inflation concerns as the country grapples with rising fuel prices. 

Presidential Communications Office (PCO) Undersecretary Claire Castro said the President is weighing the impact of each intervention to ensure that no sector is disproportionately burdened.

Related Tags

President Marcos Bongbong Marcos Oil crisis VAT oil deregulation
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