Manila, March 12 -- President Ferdinand R. Marcos Jr. has certified as urgent a bill granting him the authority to temporarily suspend or reduce the excise taxes on petroleum products during national or global economic emergencies.

The move comes as fuel prices in the Philippines climbed due to volatile global oil markets triggered by escalating tensions in the Middle East, particularly concerns over possible disruptions in key energy supply routes, such as the Strait of Hormuz, one of the world's most critical oil shipping lanes.

In a letter to House of Representatives Speaker Faustino "Bojie" Dy III on Thursday, Marcos certified as urgent House Bill 8418 "to allow the government to respond promptly to extraordinary fuel price volatili...