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Marcos says gov't ready for big-time pump price hikes, orders fuel subsidy release
President Ferdinand "Bongbong" Marcos Jr. on Friday said the government was ready for significant pump price hikes expected in the coming week amid tensions in the Middle East.
''Malinaw sa atin ang tanong ng maraming Pilipino ngayon. Ano ang gagawin ng pamahalaan? Naghahanda na po tayo,'' Marcos said in a video message.
Marcos said he was coordinating with Congress to grant him the authority to reduce excise tax once crude exceeds $80 per barrel.
''Una. Nakikipag-ugnayan na tayo sa Kongreso upang mapagkalooban ang Pangulo ng pansamantalang kapangyarihan upang bawasan ang excise tax sa mga produktong petrolyo kung papalo ito sa 80 US dollars kada barrel,'' Marcos said.
Further, fuel subsidies and cash transfers would be immediately released for the affected sectors.
''Ilalabas natin sa lalong madaling panahon ang fuel subsidy at cash transfer para sa mga apektadong sektor,'' Marcos said.
Marcos is also talking to lawmakers regarding amending the Biofuels Act of 2006 for the utilization of cheaper bioethanol.
Based on the first three days of trading of the week, oil industry sources expect prices per liter of gasoline to be hiked by P7.09, and diesel by P15.33.
The Department of Foreign Affairs (DFA) earlier floated the possibility of the tensions in the Middle East extending for up to eight weeks.
Marcos said some Filipinos had already been repatriated, adding that once it was safe, they would also bring home other Filipinos who wished to be repatriated.
Last weekend, the United States and Israel launched attacks on Iran, accusing the country of developing nuclear weapons intended for use against them.
While saying that the Philippine government cannot control the war in the Middle East, Marcos guaranteed that it is in full control of protecting Filipinos.
''Mga kababayan, hindi natin alam kung kailan matatapos ang kaguluhan sa Gitnang Silangan. Biktima tayo ng isang giyera na hindi natin pinili o ninanais,'' Marcos said.
''Hindi natin kontrolado ang digmaan. Pero kontrolado natin kung paano natin poprotektahan ang Pilipino,'' he added. —LDF, GMA Integrated News
