CCCI lauds new law aimed to curb fuel costs

CEBU CITY, PHILIPPINES —The Cebu Chamber of Commerce and Industry (CCCI) welcomed a new law granting the Philippine government greater flexibility to curb fuel costs, saying the measure could help shield businesses and households from global price shocks.

President Ferdinand Marcos Jr. recently signed Republic Act No. 12316, allowing the executive to suspend or reduce excise taxes on petroleum products during periods of extraordinary volatility in global markets.

The chamber said the law could deliver “meaningful relief” to micro, small and medium enterprises, as well as workers and low-income households, by easing inflationary pressures tied to fuel costs.

The measure comes as businesses face mounting input costs linked to elevated energy prices, with fuel expenses feeding through to transport, electricity and logistics. 

The group, led by Regan Rex King, said the policy’s primary objective is to protect purchasing power and ensure business continuity, particularly for smaller firms that are more vulnerable to price swings.

Still, the chamber cautioned that execution will be critical.

“Implementation must be strategic, transparent and balanced,” it said, emphasizing the need to minimize price shocks while advancing longer-term reforms such as energy diversification, improved logistics efficiency and more sustainable transport systems.

CCCI also called for structured safeguards to ensure the policy’s benefits reach intended sectors. These include closer engagement with private-sector stakeholders, targeted support programs such as subsidies and access to affordable credit for MSMEs, and stronger monitoring mechanisms to track the impact of tax adjustments on fuel prices and inflation.

Regular public reporting will be key to maintaining transparency and policy credibility, the chamber said.

The business group added that sustained coordination between national agencies, local governments and industry players will be essential to ensure timely implementation, as the Philippines navigates heightened uncertainty in global energy markets.