Economist urges wealth tax over 'unfortunate' fuel excise tax suspensionAn attendant updates the fuel prices at a gasoline station in Cubao, Quezon City on March 17, 2026, following a staggered hike in prices of oil companies nationwide due to the Middle East conflict. Monsod also questioned where the government will recover the funds set to be lost if the excise tax on oil is to be suspended. "The move to suspend the excise tax on fuel is a very wrong move," Monsod said. On March 16, the House of Representatives approved the bill allowing President Ferdinand Marcos Jr. to suspend the collection of excise tax on fuel during a crisis. Objective of the wealth tax.

Source: Philippine Star March 18, 2026 09:46 UTC