THE House of Representatives on Tuesday upon the instruction of Speaker Faustino “Bojie” G. Dy III transmitted to the Senate House Bill (HB) No. 8418 authorizing the President to temporarily suspend or reduce fuel excise taxes to help cushion the impact of global oil price spikes in the country amid tensions in the Middle East.
Speaker Faustino “Bojie” G. Dy III signed the measure on the same day. Dy III, the measure, was principally authored by the Speaker and House Majority Leader Ferdinand Alexander “Sandro” A. Marcos.
It was unanimously approved by the House of Representatives, which, prior to the Lenten session break, immediately held hearings to ascertain the status of government preparations to address the effects of the Middle East conflict.
“Tuluy-tuloy po ang pagtutok ng Kamara sa mga nangyayari sa Middle East. We will continue to monitor the situation and work with the Executive to help our countrymen during these challenging times,” said the Speaker from Isabela.
Under HB 8418, the President may suspend or reduce excise taxes on petroleum products upon the recommendation of the Development Budget Coordination Committee in coordination with the Department of Energy.
The authority may be exercised if the average Dubai crude oil price based on the Mean of Platts Singapore reaches or exceeds $80 per barrel for one month, or if a national emergency or calamity results in extraordinary increases in domestic fuel prices.
Any suspension will be effective for up to six months and may be extended for a maximum aggregate period of one year, subject to congressional action. The authority granted to the President will remain in effect until Dec. 31, 2028.
