Marcos freezes fuel excise tax

The government, however, has yet to decide when to exercise the powers to suspend fuel excise taxes.

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Erratic fuel prices have made it difficult to determine the best timing, Marcos said.

SUPPLY OUTLOOK

The president said the country has about 45 days of fuel supply.

"Although we cannot be assured right now of the supply, we can be sure that at least for 45 days we will be all right. I think that we can be fairly confident," Marcos said.

He added that the government is working to secure additional fuel sources from Japan, China, South Korea, India and Russia.

"We will already have a flow of oil, not just one delivery, not just two deliveries but a flow of petroleum and petroleum-related products," he said.

EMERGENCY POWERS

While he assured the public of a steady oil supply, Marcos has declared a state of national energy emergency, granting the Department of Energy authority to take additional measures to address supply risks.

He said the declaration is intended to expand the government's options in responding to the crisis.