Metro Manila, Philippines – The House committee on ways and means has approved a bill seeking to grant President Bongbong Marcos powers to reduce or suspend fuel excise tax during national or global emergencies, in light of the Middle East crisis that pushed higher pump prices.
On Tuesday, March 10, the committee adopted the still unnumbered substitute bill, mostly from the version filed by House Speaker Bojie Dy and Majority Leader Sandro Marcos.
Should the measure pass into law, it would authorize Marcos to remove or suspend excise tax on petroleum products within six months.
Marikina Rep. Miro Quimbo, panel chairperson, said Congress has the option to extend it for a year or terminate it within the six-month period should the suspension be deemed unnecessary.
“Kailangan ng executive na mag-report din sa atin once the suspension takes place para ipaliwanag na magkano ba ang mawawala na projected revenue. Pangalawa, ano ang magiging effect sa iba’t ibang economic indicators like inflations, budget deficit at lahat,” he said in an interview.
[Translation: The executive department should also report to us once the suspension takes place to explain how much projected revenue will be lost. Second, they should discuss what the effects will be on various economic indicators, such as inflation, the budget deficit, and others.]
Quimbo said the bill will be taken up for second reading at the plenary on Tuesday afternoon.
He noted that the House has yet to receive a certification from the Palace to place the bill as urgent.
Beginning Tuesday, oil firms are carrying out staggered price hikes this week within a range of ₱17.50 per liter to ₱24.25 per liter for diesel, ₱7 to ₱13 for gasoline, and ₱32 to ₱38.50 for kerosene.
