(March 3): Philippine President Ferdinand Marcos Jr plans to seek emergency power to slash taxes on petroleum products amid the war in the Middle East, as his government finds ways to ensure the safety of millions of Filipino workers in the region. A reduction in the excise taxes could cushion the impact of costlier fuel in the Southeast Asian nation which imports nearly all of its oil requirements. “Let me assure everyone, we have sufficient supply of oil,” he said, adding the country has a 50-to-60-day stockpile. The Marcos administration is in touch with the US and Israel to ensure the safety of 2.4 million Filipinos working in the Middle East. “This is something that will affect the families of those remitting funds from this part of the world,” Marcos said.

Source: The Edge Markets March 03, 2026 07:30 UTC